Euro continues to fall against the Dollar – Technical Analysis – 05-11-2015

The EURUSD pair continued to decline recently affected by breaking the medium term ascending channel’s support as appears on chart, with more negative signals coming from stochastic, to break 1.0940 support level that represents 61.8% Fibonacci for the medium term bullish wave from 1.0462 to 1.1713, closing below it to add more negative pressures.

Therefore, our negative outlook continues for the coming trading as long as the price is below 1.0940, targeting the next correctional support at 1.0757 that represents 76.4% Fibonacci level.