Euro attempts to recover some of its losses – Technical Analysis – 06-11-2015

The EURUSD pair closed yesterday positively in attempt to recover some of the recent losses, with more negative pressures affected by breaking the ascending channel’s support that carried the last trading as appears on the above chart, while settling below the key resistance 1.0940, this level represents 61.8% Fibonacci for the medium term bullish wave from 1.0462 to 1.0713, with continuous negative signals from stochastic.

Therefore, and as long as the price is below 1.0940, we expect the Euro to decline on the intraday basis, targeting 1.0757 that represents 76.4% Fibonacci.