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1/12/2016 1:44:53 AM

Euro shows some positive signs. - Technical Analysis. - 12-01-2016

EUR/USD slid in the intraday levels trading, leaning thereafter on the important support level of 1.08434, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 1.1059 to 1.0710), along with the support the pair gets from the simple moving average for the period 50, which gave it positive momentum that helped it bounce higher in today's Asian trading, along with the start of forming of a positive divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect the pair to gain ground in the coming trading, as long as the support of 1.08434 holds on, targeting thereafter the resistance of 1.09766, which represents the ratio 76.4% of the same retracement levels mentioned earlier.



Trend Bullish