EURUSD keeps the bullish trend – Technical Analysis – 12-10-2015

The EURUSD pair rose by the end of last week as expected previously to breach the key resistance 1.1326, which represents 38.2% Fibonacci for the short term bearish wave from 1.1713 to 1.1087, accompanied by the continuous positive pressure coming from the moving average 50, besides the domination of the main bullish trend on the short term basis.

Therefore, we expect more rise in the coming periods, especially when breaching 1.1400 key resistance, which represents 50% Fibonacci level, to target the next resistance at 1.1474.