Euro breaches a descending channel’s ceiling – Technical Analysis – 20-11-2015

The EURUSD pair continued to rise recently to succeed breaching the descending channel’s resistance that carried the short term trading, accompanied by breaching 1.0705 resistance, to settle above this level until now, facing the last negative pressure represented by the moving average 50, and draining the clear overbought signals that appear on stochastic.

Therefore, we expect the pair to rise in the coming trading, especially after settling above 1.0705 level, targeting 1.0810 resistance initially.