EURUSD breaches the resistance – Analysis - 27-08-2018

The EURUSD pair confirmed breaching the bearish channel’s resistance that appears on the chart after ending last week above it, which pushes the price to achieve gains in the upcoming period and start recovery attempts on the intraday and short term basis, targeting testing 1.1705 level initially.

On the other hand, we notice that the price completed forming an inverted head and shoulders’ pattern that appears on the minor image, which hints that the price’s positive targets will extend to reach 1.1975 areas.

Therefore, the bullish trend will be suggested in the upcoming sessions unless breaking 1.1554 level and holding below it.

Expected trading range for today is between 1.1554 support and 1.1730 resistance.

Expected trend for today: Bullish