The euro is trying to recover - Analysis - 07-08-2017

EUR Tries to Recover The EUR / USD pair's strong decline at 23.6% Fibonacci retracement of the recent high measured from 1.1119 to 1.1911 has stopped the price to rise significantly and is beginning to test the 1.1800 barrier now, in reference to the price trend to restore the upside trend again After a bearish correction in previous sessions.

Therefore, we expect opportunities to continue to rise during the coming sessions, especially as Stochastic is providing a positive cross signal over the 4-hour timeframe, which is encouraging the pair to continue its bullishness over intraday and short term basis, waiting for a breach of 1.1911 to confirm the extension of the upside wave towards 1.2040. To break the 1.1724 level will press the price to extend its bearish correction towards 1.1608 before any new attempt to rise.

EUR Tries to Recover The EUR / USD pair's strong decline at 23.6% Fibonacci retracement of the recent high measured from 1.1119 to 1.1911 has stopped the price to rise significantly and is beginning to test the 1.1800 barrier now, in reference to the price trend to restore the upside trend again After a bearish correction in previous sessions.

Therefore, we expect opportunities to continue to rise during the coming sessions, especially as Stochastic is providing a positive cross signal over the 4-hour timeframe, which is encouraging the pair to continue its bullishness over intraday and short term basis, waiting for a breach of 1.1911 to confirm the extension of the upside wave towards 1.2040. To break the 1.1724 level will press the price to extend its bearish correction towards 1.1608 before any new attempt to rise.

The trading range for today is among the key support at 1.1724 and resistance at 1.1911

The general trend expected for today: bullish