EURUSD begins negatively – Analysis - 20-02-2018

Despite yesterday’s positive close above 1.2390, the EURUSD pair begins today with bearish bias to move below this level, which urges caution from the upcoming trading, as there is a chance to turn to decline and visit 1.2300 areas before any new attempt to rise, especially that stochastic provides negative overlapping signal now.

We prefer staying aside temporarily in order to confirm the price behavior around 1.2390 level, as holding below it will confirm the continuation of the decline towards the above mentioned target, while stepping above it will push trades to resume the main bullish trend that its first target located at 1.2536.

Expected trading range for today is between 1.2300 support and 1.2470 resistance.

Expected trend for today: Neutral