EURUSD approaches from the target – Analysis - 13-03-2017

The EURUSD pair rallied higher in last Friday to approach from our main waited target at 1.0731, which represents 38.2% Fibonacci correction level for the decline that measured from 1.1365 to 1.0339, therefore, breaching this level will push the price to return to the bearish correctional track that its next target located at 1.0852.

Stochastic shows overbought signals now, which might push the price to provide some temporary sideways trading before resuming the bullish bias, in general, we keep preferring the bullish trend in the upcoming sessions supported by the EMA50, pointing that holding above 1.0581 level important for keeping the chances for achieving the waited extended targets.

Expected trading range for today is between 1.0600 support and 1.0800 resistance.

Expected trend for today: Bullish