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1/8/2016 2:27:46 AM

Euro keeps rising. - Technical Analysis - 08-01-2016

EUR/USD kept rising in its intraday levels trading, testing with yesterday's trading an important resistance level at 1.0939, before bouncing off downwards by today's morning, as traders scramble to reap the profits, and as the pair's bulls collect some positive momentum that would help it rise again, along with positive support from the simple moving average for the 50 hours period, and with relative pwer indicators reaching extremely oversold levels in a way that hints at the start of forming of a positive divergence at the Stochastic indicator as shown below the attached chart.

Therefore we expect the pair to resume rising, as long as the crucial support of 1.0836 holds on, targeting thereafter the resistance of 1.0990, especially if the pair breached the resistance of 1.0930, which would confirm the rising rally. 



Trend Bullish