EURUSD breaches the resistance – Analysis - 20-02-2019

The EURUSD pair confirmed breaching the minor bearish channel’s resistance and settled above it, to approach testing the key resistance at 1.1375, which represents the previously broken support of the bullish channel that appears on the chart, noticing that the EMA50 supports the price from below, while stochastic shows clear overbought signals now.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaching 1.1375 resistance or breaking 1.1315 support, noting that breaching the mentioned resistance will open the way to extend the bullish wave to target 1.1443 followed by 1.1550 levels as next main stations, while breaking the support will press on the price to return to decline and visit 1.1180 level mainly.

The expected trading range for today is between 1.1260 support and 1.1440 resistance.

The expected trend for today: Neutral