Euro suffers from negative pressures. - Technical Analysis. - 11-01-2016
EUR/USD gained ground in the intraday levels trading, but despite these gains, the pair went back down afterwards, as the important resistance level of 1.0926 held on, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 1.1059 to 1.0710), settling below that level for the time being, along with the forming of a negative divergence in the Stochastic indicator as shown below the attached chart.
Therefore we expect the pair to decline in the next intraday levels trading, as long as the resistance of 1.0926 holds on, targeting thereafter the support of 1.0843, which represents the ratio 50% of the same retracement levels mentioned earlier.
Trend
Bearish