Euro summons a positive momentum - Technical Analysis - 29-12-2015

EUR/USD traded in a tight range in the intra-day levels, attempting to stimulate some positive momentum that would help it rise and break through the resistance of 1.0980, with the overall guidance of the upward trend in the short term along the trend line as shown in the attached chart, and with a positive support from the simple moving average for the period 50; while noting a venting-off of overbought saturation that was apparent in relative power indicators; with the indicators also reaching extremely oversold levels.

 

Therefore we expect the pair to rise, as long as the resistance of 1.0980 is breached, targeting thereafter the crucial resistance of 1.1059.