EURUSD breaks the support – Analysis - 29-08-2016

The EURUSD pair suffered sharp losses on last Friday affected by the US Federal reserve president " Yellen " speech, -the details of this speech can be viewed through this link-, to break 1.1196 level and settle below it, which activates the negative scenario on the intraday and short term basis, opening the way to head towards 1.1067 areas in the upcoming period, supported by the negative pressure formed by the EMA50 now.

Therefore, the bearish bias will be suggested for today unless breaching 1.1196 followed by 1.1235 levels and holding above them, as this breach represents initial positive factor that will lead the price for recovery attempts that its main targets begin by testing the key resistance 1.1356.

Expected trading range for today is between 1.1067 support and 1.1265 resistance.

Expected trend for today: Bearish