EURUSD retests – Analysis - 23-02-2017

The EURUSD pair provided positive trading in yesterday’s evening to approach from retesting 1.0581 level, where the price remains below this level, noticing that stochastic loses its positive momentum clearly, to reach the thresholds of the overbought levels, which forms negative factor that we expect to push the price to resume the decline.

The EMA50 forms negative pressure that supports the bearish rebound, therefore the bearish trend will remain preferred in the upcoming sessions unless breaching 1.0581 then 1.0620 levels and holding above it, pointing that the expected negative targets begin at 1.0465 and extend to 1.0339.

Expected trading range for today is between 1.0450 support and 1.0620 resistance.

Expected trend for today: Bearish