EURUSD begins the new year with a decline – Analysis - 03-01-2017
The EURUSD pair begins the year with clear decline to keep its stability inside the bearish channel that appears on the above chart, which keeps the bearish trend scenario valid and active until now, waiting to target 1.0326 level as a first main station, noting that breaking this level will extend the bearish wave to reach the mentioned channel's support located now at 1.0110.
Therefore, we are waiting for more decline in the upcoming sessions supported by the negative pressure provided by the EMA50, noting that holding below 1.0519 represents the most important condition to continue the suggested decline.
To read our technical outlook for the EURUSD in 2017, please review this report.
Expected trading range for today is between 1.0350 support and 1.0550 resistance.
Expected trend for today: Bearish
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