Euro declines under trend line pressure – Technical Analysis – 13-11-2015

The EURUSD pair managed to rise as expected previously, to touch the short term bearish trend line as appears on the chart, which forced it to rebound bearishly in attempt to gather some positive momentum that might assist it to rise again and face this obstacle, noticing that the relative strength indexes are highly sold.

Therefore, we expect the pair to rise in coming trading conditioned by holding above 1.0705 support, this scenario will be confirmed by breaching 1.0820 resistance to get rid of all the negative pressures and change the main bearish trend, targeting 1.0890 resistance as a first resistance barrier against the price rise.