Midday update for EURUSD 21-02-2017

The EURUSD pair achieved clear break to 1.0581 level and closed the last four hours below it, which activates the negative scenario in the upcoming sessions, and the way is open for testing 1.0487 level initially, and monitoring the price behavior is important when reaching this level, where breaking it will extend the bearish wave to target the previously recorded bottom at 1.0339, while its stability against the negative pressure will push the price to attempt to form falling wedge pattern that its lines appear in the image.

Note that holding below 1.0581 will keep the expected decline valid for today.

Expected trading range for today is between 1.0450 support and 1.0600 resistance.

Expected trend for today: Bearish