The EURUSD under the negative pressure – Analysis - 14-01-2021

The EURUSD pair faced negative pressure yesterday formed by the EMA50, as the price found difficulty to surpass this barrier, to trade negatively and break 1.2173 and settles below it, which puts the price within the correctional bearish track again, on its way to test 1.2064 as a first target.

By taking a deeper look at the chart, we find that the price is drawing head and shoulders’ pattern that its signs shown in the image, thus, the chances will be valid to achieve more bearish correction on the short term basis, which its next target reaches 1.1975.

Therefore, the bearish trend will be expected for the upcoming sessions unless breaching 1.2173 followed by 1.2220 levels and holding above them.

The expected trading range for today is between 1.2050 support and 1.2220 resistance.

The expected trend for today: Bearish