Euro tries to gain positive momentum - technical analysis - 23-12-2015

EUR/USD gave up ground in the intra-day levels, attempting to stimulate some positive momentum that would help it rise again, along with the continuing positive pressure from the simple moving average for the last 50 hours period. The pair is trying to find a bottom to bounce off of, keeping thereafter the main upward trend in the short term, with the pair settling above the crucial support level of 1.0939, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1.1059 to 1.0802).

 

Therefore we believe it's likely the pair will resume rising, as long as the support of 1.0939 holds on, targeting thereafter the resistance of 1.0998, which represents the ratio 76.4% of the same retracement levels.