EURUSD completes negative formation – Analysis - 27-10-2017

The EURUSD pair confirmed breaking 1.1679 support line after closing the daily candlestick below it, opening the way to head towards the next correctional level at 1.1423, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders' pattern after breaking the mentioned support, reinforcing the expectations of extending the pair's losses on the short term basis.

Therefore, the bearish trend will be dominant in the upcoming period, supported by the negative pressure provided by the EMA50, noting that breaching 1.1679 will stop the current negative pressure and lead the price to start recovery attempts and regain the main bullish trend again.

Expected trading range for today is between 1.1550 support and 1.1700 resistance.

Expected trend for today: Bearish