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EURUSD gets the positive momentum – Analysis - 02-08-2016
The EURUSD pair continued its sideways and tight trading yesterday, which allowed stochastic to get rid of its negativity and reach the oversold areas, which provides positive motive that we are waiting to assist to push the price to resume the bullish bias again, waiting to breach 1.1196 level to confirm opening the way to head towards 1.1356.
Therefore, we will keep our bullish overview that gets continuous support by the EMA50, reminding you that it is important to hold above 1.1067 level to achieve the waited targets.
Expected trading range for today is between 1.1067 support and 1.1300 resistance.
Expected trend for today: Bullish
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Update: Brent oil breaks the support
Brent oil price broke 43.00 level strongly and settled below it, which activates the bearish trend scenario on the short term basis, opening the way to target 39.96 level, noting that the price needs a daily close below 43.00 to confirm the continuation of the expected bearish trend.
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