EURUSD begins negatively – Analysis - 21-02-2017

The EURUSD pair opens today’s trading with clear decline attacking the critical support at 1.0581, while the price found a difficulty to surpass the EMA50, which might push the price to suffer more of the losses in case confirming breaking the mentioned break, and the negative targets begin at 1.0487 and extend to 1.0339 on the near term basis.

On the other hand, stochastic shows positive signals now, and the last trading confined within potential falling wedge pattern, which means that breaching the resistance of this pattern at 1.0640 will motivate the price to regain its bullish correctional track and target 1.0731 then 1.0852 levels mainly.

Therefore, the contradiction between the above mentioned technical factors make us prefer staying aside in order to monitor the price behavior according to 1.0581 support and 1.0640 resistance, waiting for breaching one of them to detect the next trend clearly.

Expected trading range for today is between 1.0480 support and 1.0700 resistance.

Expected trend for today: Depends on the above mentioned levels