EURUSD gathers the positive momentum – Analysis - 16-11-2017

The EURUSD pair trades negatively after touching 1.1850 level yesterday, to approach from retesting the previously breached resistance of the bearish channel that appears on chart, accompanied by stochastic reach to the oversold areas, while the EMA50 keeps supporting the price from below.

Therefore, we believe that the chance are valid to rebound bullishly and resume the expected bullish trend on the intraday and short term basis, which its main targets begin at 1.2100 and extend to 1.2300, while holding above 1.1679 represents the most important condition for its continuation.

Expected trading range for today is between 1.1700 support and 1.1880 resistance.

Expected trend for today: Bullish