EURUSD approaches from the target – Analysis - 18-01-2017

The EURUSD pair continued its rise yesterday to approach from our main target at 1.0731, showing some slight bearish bias now affected by stochastic negativity, while the EMA50 keeps providing the positive support that protects the trading within the bullish channel that appears in the image.

Therefore, the bullish trend will remain expected in the upcoming period unless witnessing clear break and stability below 1.0581, pointing that breaching 1.0731 level will extend the bullish wave to reach 1.0852 directly, while breaking 1.0581 will push the price to return to the bearish track on the medium term basis.

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

Expected trend for today: Bullish