EURUSD searches for a bottom to bounce off it - Technical analysis - 28-01-2016
EURUSD rose in the intraday levels while trading within an ascending price channel in the short term, till the pair reached the resistance of 1.0905, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 1.0983 to 1.0777), which forced the pair to bounce lower in today's morning, searching for a bottom to support it up again like the SMA50, while relative power indicators have reached oversold levels, with the pair leaning on the support of that ascending price channel.
Therefore we expect the pair to rise again, targeting the resistance of 1.0935, which represents the ratio 76.4% of the same retracement levels mentioned earlier.
Trend
Bullish