Euro keeps rising - technical analysis - 22-12-2015

EUR/USD kept rising in the intra-day levels as we forecast, reaching the important resistance level of 1.0930, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1.1059 to 1.0802), which led the pair to bounce off downwards, attempting to stimulate some positive momentum to help it breach that level, with the help of the positive pressure from the simple moving average for the last 50 hours period.

 

Therefore we expect the pair to gain further ground, but only if it breached through the resistance of 1.0939, targeting thereafter the resistance of 1.0998, which represents the ratio 61.8 of the same retracement levels mentioned earlier.