The EURUSD under the negative pressure – Analysis - 07-08-2020

The EURUSD pair begins today’s trading with strong negativity to break 1.1850 level and settles below it, which puts the price under more expected negative pressure on the intraday basis, on its way to test 1.1790 followed by 1.1737 mainly.

Therefore, the bearish bias will be suggested for today, noting that we are waiting for bullish rebound to resume the main bullish trend after testing the mentioned levels, taking into consideration that breaking 1.1737 will push the price to achieve more decline and head towards 1.1632 as a next negative station, while the expected decline will remain valid unless the price managed to rally upwards to breach 1.1908 level and hold above it.

Note that caution required during today’s trading, especially at the time of releasing the US economic data, which might cause high volatility for the major currencies pairs.

The expected trading range for today is between 1.1737 support and 1.1900 resistance.

The expected trend for today: Bearish