Euro slips downwards – Technical Analysis – 23-10-2015

The EURUSD pair fell yesterday to break the short term bullish trend line that appears on the above chart, accompanied by breaking 1.1248 support, which represents 50% Fibonacci level for the short term bullish wave from 1.0782 to 1.1713, which added more negative pressure on the pair, leading the price for more decline to break 1.1138 support that represents 61.8% Fibonacci level, settling below this level until now.

Therefore, we expect more decline in the coming periods, especially after settling below 1.1138, targeting 1.1000 support line that represents 76.4% Fibonacci for the above mentioned bullish wave.