EURUSD retests – Analysis - 14-08-2018

The EURUSD pair shows some bullish bias to approach retesting 1.1443 level that was broken previously, which turns into key resistance now, forming the first protecting factor to the continuation of the bearish trend scenario on the intraday and short term basis, noting that the negative effect of the head and shoulders’ pattern still active.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, reminding you that the next target is located at 1.1300, noting that breaching 1.1443 will push the price to test 1.1554 before any new attempt to decline, which represents the previously broken neckline of the mentioned bearish pattern.

Expected trading range for today is between 1.1300 support and 1.1500 resistance.

Expected trend for today: Bearish