Euro finishes off hopes of rising - Technical Analysis - 30-12-2015

EUR/USD gave up ground in the intra-day levels, trespassing thereafter the simple moving average for the last 50 hours period, along with breaking the trend line of the upward short-term trend; hinting at a forming negative pattern complementary for this decline, which is the Symmetrical Triangle as shown in the attached chart, and with relative power indicators reaching overbought levels.

 

Therefore we expect the pair to lose ground, especially if it broke the support of that forming negative pattern, targeting thereafter the crucial support of 1.0873.