EURUSD dips on profit-taking - Technical Analysis - 08-01-2016
EURUSD fell in the intraday levels after flirting with the important resistance of 1.1256, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 1.1713 to 1.0517), as traders took profits from the pair's previous short-term rises, with the ongoing positive pressure from the SMA for the last 50 days period, with the pair also trying to gather positive momentum to help it rise again, while venting off that overbought saturation apparent in relative power indicators.
Therefore we reaffirm our positive outlook for the pair, targeting the pivotal resistance of 1.1430, which represents the ratio 76.4% of the same retracement levels mentioned earlier.
Trend
Bullish