Positive outlook for the euro - technical analysis - 15-12-2015

The pair EUR\USD rose in the intraday level in a tight range, with the continuing support of the simple moving average for the period 50; which led it to settle above the important support level of 1.0974. This level represents the ratio 38.2% of the Fibonacci retracement levels for a descending wave in the short term (from 1.1713 to 1.0517), coupled with an influx of positive signals from relative power indicators.

 

Therefore we expect further gains for the pair in the intraday levels, provided that the support of 1.0974 holds on; targeting the resistance of 1.1115, which represents the ratio 50% from the same retracement levels mentioned earlier.