EUR USD recovers its losses – Analysis -30/06/2015

The EURUSD closed yesterday’s trading above 1.1200 barrier and above the EMA50, which provides positive signals for the price return to the bullish track after the mentioned strong bearish price gap in our previous reports, by looking at the chart, we find that the price bounced lower after founding a strong support base at 1.0990, which formed 50% Fibonacci correction level for the bullish wave in the image.

Therefore, we believe that the chances open for regaining the bullish trend in the upcoming period, and the price needs to breach 1.1240 level to reinforce these expectations, the main targets begin by testing 1.1440 level, which breaching it represents an extension key for the bullish wave towards 1.2000 levels.

On the other hand, taking into consideration that breaking 1.1100 level will push the price under negative pressure that stops the suggested positive scenario.

Expected trading range for today is between 1.1100 support and 1.1400 resistance.

Expected trend for today: Bullish