Euro attempts to recover some losses – Technical Analysis – 30-10-2015

The EURUSD pair rose recently after the last sharp bearish wave, attempting to recover some of these losses, leaning on 1.0940 support level, which represents 61.8% Fibonacci for the medium term bullish wave from 1.0462 to 1.1713, besides the positive signals the come from the relative strength indexes, which allowed the price to get positive momentum that assisted it to rise, despite the negative pressure of the moving average 50, besides the quick rise of stochastic towards the overbought areas, and the price stability below 1.1087 resistance level.

Therefore, we expect the price to decline in the coming trading, especially after breaking 1.0940 support, to head to 1.0757 level as next target.