The EURUSD under the negative pressure – Analysis - 16-09-2020

The EURUSD pair ended yesterday below the main bullish channel’s support line, which hints the price head for bearish correction in the upcoming period, but it finds good support base 1.1840 that attempts to protect the price from suffering more losses, as stochastic shows positive signals that might assist to push the price to return to the bullish channel again.

Therefore, we prefer staying neutral until we get clearer signal for the next trend, noting that breaking 1.1840 will confirm the continuation of the decline and head towards 1.1720 as an initial correctional target, while breaching 1.1885 represents the key to return to the main bullish track and visit 1.2011 as a first positive target.

The expected trading range for today is between 1.1760 support and 1.1940 resistance.

The expected trend for today: Depends on the above mentioned levels