Euro keeps falling - technical analysis - 17-12-2015

EUR/USD kept on falling in the intraday levels, affected by breaking the support of a negative pattern formed recently in the short term, which is the rising wedge pattern as shown in the attached chart. Along with negative pressure from the simple moving average for the period 50, which eventually led the pair to breach the support level of 1.0880, which we signaled at in our last analysis, which in turn led to a doubling of negative pressures on the pair's coming movements.

 

We therefore expect a continuance of the decline, targeting the support of 1.0780 as a price target for this forming technical pattern.