EURUSD heads towards the extended target – Analysis - 24-10-2016

The EURUSD pair ended last week below 1.0938 level, confirming breaking this level and opening the way to head towards the next correctional level at 1.0778, forming the next target of the current bearish wave.

Therefore, we will continue to suggest the bearish bias in the upcoming sessions supported by the negative pressure provided by the EMA50, being aware that it is important to monitor the price behavior when reaching the targeted level, as breaking it represents negative factor that will push the price to head towards the previously recorded low at 1.0519, while breaching 1.0938 level represents the first positive key to the attempts to regain the main bullish trend.

Expected trading range for today is between 1.0750 support and 1.0938 resistance.

Expected trend for today: Bearish