EURUSD approaches the support – Analysis - 24-09-2018

The EURUSD pair shows bearish bias to approach the key support 1.1705, affected by stochastic negativity, while the EMA50 keeps providing the positive support to the price, to protect the continuation of trading inside the intraday bullish channel that appears on the chart.

Therefore, we believe that the chances are valid to continue the bullish trend scenario on the intraday and short term basis, noting that we are waiting to breach 1.1800 to confirm extending the bullish wave towards 1.1975, taking into consideration that breaking 1.1705 will turn trades to decline to visit 1.1640 areas and might extend to 1.1443 on the near term basis.

Expected trading range for today is between 1.1660 support and 1.1850 resistance.

Expected trend for today: Bullish