Euro in a sideways course - Analysis - 09-02-2018

The EUR / USD pair continues to move sideways between the 1.2226 and the 1.2300 support levels which represent the Fibonacci retracement levels as shown on the chart and the price within the descending channel that supports the continuation of the bearish trend in the coming sessions.

Therefore, we continue to favor the bearishness of the day supported by the negative pressure formed by SMA 50 unless the price is pushed up to breake 1.2300 and then 1.2390 levels, while mentioning that breaking 1.2226 will push the price towards 1.2152 directly.

The trading range for today is expected among the support at 1.2150 and the resistance at 1.2330

The general trend for today is bearish