EURUSD draws negative formation – Analysis - 13-06-2018

The EURUSD pair ended yesterday’s trading below 1.1785 level, and by taking a deeper look at the chart, we find that the price draws a descending triangle pattern that might push the price to turn to decline, especially that stochastic provides negative signal now, while the EMA50 attempts to protect the price from suffering more losses.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, waiting to breach 1.1800 resistance or breaking 1.1735 support, noting that breaching the mentioned resistance will push the price to resume the main bullish trend that targets 1.1929 level as a next station, while breaking the support will push the price to decline and visit 1.1553 level initially.

Expected trading range for today is between 1.1650 support and 1.1850 resistance.

Expected trend for today: Depends on the above mentioned levels