EURUSD within tight track – Analysis - 22-02-2017

The EURUSD pair settled around 1.0550 level yesterday, and the price shows sideways and tight trading, waiting the FOMC meeting minutes, and as long as the price is below 1.0581, the bearish bias will remain suggested in the upcoming sessions, waiting to test 1.0475 initially.

It is important to monitor the price behavior when reaching the above mentioned levels, especially that the markets might witness mixed trading this evening when the issuance of the mentioned meeting’s data, pointing that breaking 1.0475 level will push the price to head towards the recorded bottom at 1.0339 directly, while breaching 1.0581 will lead the price to attempt to regain its bullish correctional track, taking into consideration that breaching 1.0630 level will complete forming a falling wedge pattern that has positive targets that begin at 1.0731 and extend to 1.0800.

Expected trading range for today is between 1.0400 support and 1.0670 resistance.

Expected trend for today: Bearish