EURUSD tests the resistance – Analysis - 24-02-2017

The EURUSD pair fluctuates at the key resistance 1.0581, which is met by the EMA50 to add more strength to it, while stochastic moves near the overbought areas.

Therefore, these factors keep the negative pressure valid in the upcoming period, which makes the bearish trend suggested for today, waiting to test 1.0455 level initially, taking into consideration that breaching 1.0581 followed by 1.0600 levels will complete forming falling wedge pattern that has targets starting at 1.0731, followed by pushing the price to return to the short term bullish track.

Expected trading range for today is between 1.0455 support and 1.0650 resistance.

Expected trend for today: Bearish