The EURUSD achieves intraday gains – Analysis - 18-09-2020

The EURUSD pair provided clear positive trades to surpass the EMA50, noticing that the rise stopped at the intraday bearish channel’s resistance that its signs appear on the chart, accompanied by witnessing clear overbought signals through stochastic, which supports the chances of bouncing bearishly to resume the correctional bearish trend.

Therefore, we expect witnessing negative trades today, waiting to visit 1.1720 level as a next main station, noting that breaching 1.1870 will stop the expected decline and motivates the price to achieve additional gains that target testing 1.1910 followed by 1.2011 as initial positive targets.

The expected trading range for today is between 1.1750 support and 1.1910 resistance.

The expected trend for today: Bearish