EURUSD needs confirmation signal – Analysis - 08-03-2017

The EURUSD pair ended yesterday’s trading below 1.0581 level, which puts the price under potential negative pressure that might push the trading to test the support line that located now at1.0505, supported by the stability of the price below the EMA50.

On the other hand, we notice that the last decline is confined within minor rising wedge pattern, which means that breaching 1.0570 – 1.0581 level will activate the positive effect for this pattern and leads the price to resume the bullish trend, supported by stochastic current positivity.

Therefore, this contradiction makes us stay aside temporarily until confirming breaching one of the next trend keys that represented by 1.0505 support and 1.0851 resistance, where breaking this support will push the price to visit the recorded bottom at 1.0339 as a initial main station, while breaching 1.0581 represents positive factor that will lead the price to 1.0731 initially.

Expected trading range for today is between 1.0450 support and 1.0680 resistance.

Expected trend for today: Depends on the above mentioned levels