Euro attacks the key resistance – Technical Analysis – 14-10-2015

The EURUSD pair closed higher yesterday, which led the price to test the key resistance 1.1400 that represents 50% Fibonacci level for the bearish wave measured from 1.1713 to 1.1087, hinting forming positive formation that completes the short term bullish trend, which is the bullish pennant that appears on chart, with continuous positive pressure coming from the moving average 50, besides positive relative strength indexes signals.

Therefore, we expect bullish actions in the coming periods, especially after breaching 1.1400 level, to target the next resistance at 1.1474 mainly.