EUR USD draws negative formation – Analysis -31/03/2015

The EURUSD pair begins today with bearish bias in attempt to move away from the bearish channel’s resistance level, by looking deeper in the chart, we find that the price formed a double top pattern, which its neckline located at 1.0800, and that supports the continuation of the bearish trend expectations in the upcoming period, and the price needs a clear break and four hours close below the mentioned level initially to reinforce the negative scenario.

Therefore, we will keep preferring the bearish trend on the intraday and short term basis, and the waited targets begin at 1.0600 and extend to 1.0200, while achieving them requires holding below 1.0860 and the most important below 1.1025.

Expected trading range for today is between: 1.0650 support and 1.0900 resistance.

Expected trend for today: Bearish