EURUSD gathers its strength – Technical Analysis – 05-10-2015

The EURUSD pair attempts to gather some positive momentum that assist it to rise, to keep the main bullish trend on the short term basis along with the bullish trend line, leaning on the SMA50, to be able to attack the solid resistance 1.1280, this level represents 50% Fibonacci for the short term bullish wave measured from 1.0847 to 1.1713.

Therefore, we expect rising in the upcoming period, especially when succeeding to breach 1.1280 level and closing above it, to target the next resistance at 1.1382 that represents 61.8% Fibonacci level for the above mentioned bullish.