EURUSD consolidates above the channel’s support – Technical Analysis – 16-10-2015

The EURUSD pair declined yesterday to gain its last rise profits, moving within ascending channel on the short term basis, to reach this channel’s support and consolidate above it, besides leaning above the moving average 50 at 1.1350 key support, accompanied by forming positive divergence on stochastic that appears on chart, which adds more strength to this support.

Therefore, we expect the return of rising in the coming trading conditioned by stability above 1.1350, targeting 1.1450 resistance level.