Euro attempts to recover some losses – Technical Analysis – 27-10-2015

The EURUSD pair rose recently attempting to recover some of the short term losses, while its settling below 1.1087 resistance that represents 50% Fibonacci level for the medium term bullish wave from 1.0462 to 1.1713, besides the negative pressure of the moving average 50, and still affected by breaking the medium term bullish trend line.

Therefore, our bearish outlook will continue for the coming period as long as the price is stable below 1.1087, targeting 1.0940 support that represents 61.8% Fibonacci level.