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12/14/2015 2:00:36 AM

Euro moves in a tight range - technical analysis - 14-12-2015

The EUR\USD pair is moving inside a tight range in the intraday levels in its last trading, around the axis of the important resistance level of 1.0974. This level represents the ratio 38.2% of Fibonacci retracement levels of a descending wave in the short term (from 1.1713 to 1.0517), reflecting traders' confusion over the pair's next moves, as eyes are fixed on the U.S. interest rate decision this week, along with the positive pressure of the simple moving average for the period 50, and an influx of negative signals from relative power indicators like the Stochastic indicator below the attached chart.


Therefore we expect a decline for the pair in the next trading, especially in case of it trading below 1.0974, targeting the support of 1.0799, which represents the ratio 23.5% of the same retracement levels mentioned earlier.       



Trend Bearish