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EURUSD attempts positively – Analysis - 07-03-2018
The EURUSD pair provided positive trades yesterday to complete forming an inverted head and shoulders pattern that appears on the chart, which supports the chances of continuing the bullish bias in the upcoming sessions, and the price is testing the key resistance that rises now to 1.2430, waiting to breach this level to confirm extending the bullish wave towards the first positive target at 1.2536.
Therefore, we expect witnessing more rise for today supported by the EMA50, noting that holding above 1.2304 represents key condition to continue the expected bullish trend.
Expected trading range for today is between 1.2355 support and 1.2536 resistance.
Expected trend for today: Bullish
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The EURUSD pair rallied upwards clearly today to test the key resistance 1.2420 and settles near it, and as we mentioned in our recent reports, the price needs to breach one of the key levels represented by the mentioned resistance and 1.2304 support to detect its next targets clearly, which makes us continue with our neutrality until now, noting that the contradiction between the EMA50 positivity and stochastic negativity still valid.
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