Euro under negative pressure – Technical Analysis – 20-10-2015

The EURUSD pair continued to decline on the intraday basis, which led it to break the ascending channel’s support that confined the short term trading, accompanied by breaking the moving average 50 and breaking 1.1350 support level, which put it under additional negative pressure, besides the relative strength indexes reach to big overbought areas, due to the return to retest 1.1350 broken support.

Therefore, we expect more decline in the coming periods as long as the price is below 1.1350, targeting 1.1255 support level.