EURUSD exhausts its positive chance – Technical Analysis – 06-10-2015

The EURUSD pair moves besides the short term bullish trend line around 1.1177 support line, this level represents 61.8% Fibonacci correction for the short term bullish wave measured from 1.0847 to 1.1713, attempting to gather some positive momentum that allows it to rise again and keep the bullish trend, while we should note that there are positive signals that come from the relative strength index after reaching the oversold areas.

Our bullish outlook will continue for the upcoming period conditioned by stability of 1.1177 support, targeting 1.1382 resistance that represents 61.8% Fibonacci level.