EUR/USD faces a pivotal resistance - Technical Analysis - 26-01-2016
EUR/USD rose in the intraday levels, which comes after the pair leaned on the support of 1.0788, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 1.0517 to 1.1059). The pair then faced the pivotal resistance of 1.0852, representing the ratio 38.2%, along with touching the resistance of the SMA50, and a forming of a negative divergence in the Stochastic indicator as shown below the attached chart.
Therefore we expect the pair to decline in the coming trading, especially if it settled below the resistance of 1.0852, targeting thereafter the support of 1.0788.
Trend
Bearish