Euro among negative outlooks – Technical Analysis – 26-10-2015

The EURUSD pair continued to decline recently along with the negative pressure of the moving average 50, which led to break 1.1078 support that represents 50% Fibonacci for the medium term bullish wave measured from 1.0462 to 1.1713, which still trades below it until now, to add more negative pressure on the upcoming trading, besides negative signals from the relative strength indexes.

Therefore, we expect the continuation of the decline in the coming periods, targeting 1.0940 support that represents 61.8% Fibonacci level, while we need to stay aside there waiting to monitor the price behavior, with further preferred decline especially after breaking this level, to target 1.0757 level that represents 76.4% Fibonacci for the above mentioned bullish wave.