The EURUSD achieves some intraday gains – Analysis - 26-02-2020

The EURUSD pair provided positive trades yesterday, noticing that the rise stopped at 23.6% Fibonacci correction level for the last decline; measured from 1.1239 to 1.0778, as the price started to rebound bearish from there, on its way to test the intraday bullish channel’s support line that appears on the chart, which we believe that it forms bearish flag pattern that supports the chances of resuming the main bearish trend again.

Stochastic provides negative signals on the four hours’ time frame, waiting to assist to push the price to break 1.0840 that represents the above mentioned pattern’s support line to activate this pattern’s effect followed by rallying towards our negative targets that start at 1.0760 and extend to 1.0680.

Therefore, we will continue to suggest the overall bearish trend, noting that breaching 1.0887 will stop the expected decline and leads the price to achieve more intraday bullish correction that its next target located at 1.0954.

The expected trading range for today is between 1.0780 support and 1.0920 resistance.

The expected trend for today: Bearish