EURUSD under the negative pressure – Analysis - 26-09-2017

The EURUSD pair ended yesterday's trading below 1.1915 level, to fall under potential negative pressure that might push the price to achieve more decline on the intraday basis, but we notice that the price found solid support at 61.8% Fibonacci at 1.1817, reinforced by stochastic positivity.

On the other hand, 1.1915 level forms the meeting point of the previously broken bullish trend line along with 38.2% Fibonacci level besides the EMA50, which hints the strength of this resistance against any positive attempt.

Therefore, we prefer staying aside temporarily until the price manages to breach one of the above mentioned levels to detect the next destination clearly, noting that breaking 1.1817 will confirm extending the bearish wave to target 1.1662 areas on the near term basis, while the price needs to breach 1.1915 to confirm the return to the main bullish trend that its main targets begin at 1.2100 and extend to 1.2300.

Expected trading range for today is between 1.1760 support and 1.1973 resistance.

Expected trend for today: Depends on the above mentioned levels