EURUSD loses momentum – Analysis - 24-10-2017

The EURUSD pair shows some slight bullish bias by today's opening, to approach from testing the EMA50, noticing that stochastic loses its positive momentum gradually to head towards the overbought areas, forming negative factor that we expect to support the chances of bouncing bearishly in the upcoming sessions.

Therefore, the bearish trend will remain suggested for today unless breaching 1.1850 level and holding above it, reminding you that our main waited target is located at 1.1679, which represents 23.6% Fibonacci correction for the rise from 1.0340 to 1.2092, which urges caution when reaching it, due to its important to detect the short term trend destiny.

Expected trading range for today is between 1.1660 support and 1.1850 resistance.

Expected trend for today: Bearish