EURUSD below the moving average – Analysis - 09/05/2016

The EURUSD pair kept the daily and weekly close below 1.1420 level, which keeps the negative pressure valid on the intraday and short term basis, supported by the price move below the EMA50, thus, we suggest the continuation of the bearish bias in the upcoming sessions, and the targets begin at 1.1355 then 1.1196.

Stochastic offers negative overlapping signal that supports the suggested decline, noting that breaching 1.1420 level and holding above it will stop the negative scenario and push the price for recovery attempts that its targets begin by testing the recently recorded top at 1.1614.

Expected trading range for today is between 1.1264 support and 1.1470 resistance.

Expected trend for today: Bearish