Euro leans on key support – Technical Analysis – 16-11-2015

The EURUSD pair declined on the intraday and short term basis after touching 1.0820 resistance, accompanied by touching the descending channel’s resistance and the moving average 50, to rebound bearishly after falling under double negative pressure, reaching 1.0705 key support.

Therefore, we expect the pair to decline in the coming trading especially in case breaking 1.0705 support and closing below it, to open the way for more decline that targets 1.0635 level direct, and the negative scenario will continue as long as 1.0820 key resistance remains intact.