EURUSD forms negative pattern - Technical Analysis – 28-10-2015

The EURUSD pair moves below the moving average 50 recently, along with main bearish trend on the short term basis, while it moves within an under construction flag pattern appears on image, besides negative divergence started to be formed on stochastic, affected by reaching the overbought areas.

Therefore, we expect the price to decline in the coming trading, especially in case breaking the mentioned pattern’s support, to target 1.0960 support level initially.