EURUSD starts bullish correction – Analysis - 06-01-2017
Economies.com
2017-01-06 04:49AM UTC
The EURUSD pair breached 1.0519 level strongly yesterday and settled above it, which activates the bullish trend scenario on the intraday and short term basis, to start bullish correction for the decline measured from 1.1365 to 1.0339, noticing that the price surpasses 23.6% Fibonacci level to pave the way to target the next correctional level at 1.0731.
Therefore, the bullish trend will be suggested in the upcoming sessions supported by the EMA50, noting that the expected rise will remain valid unless breaking 1.0581 followed by 1.0519 levels and holding below them.
Expected trading range for today is between 1.0500 support and 1.0730 resistance.
Expected trend for today: Bullish
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