EUR/USD parks at an important support - Technical Analysis - 25-01-2016
EUR/USD kept sliding in the intraday levels, with ongoing negative pressure from the SMA50, leaning eventually on the support of 1.0788, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 1.0517 to 1.1059), to bounce off it in today's morning after garnering some positive momentum out of the support, while a rise in relative power indicators in a way that was relatively extreme compared to the pair's upward movement, hinting at a venting-off of oversold levels that was apparent in them.
therefore we expect more losses to come for the pair, especially if the support of 1.0788 is breached, targeting thereafter the pivotal support of 1.0724, representing the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bearish