EURUSD shines again - Technical Analysis - 09-02-2016
EURUSD returned higher in the intraday levels trading following a drop earlier as traders took profits of the pair's previous short-term rises. The most recent gains came after the pair leaned on the support of 1.115, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1.1713 to 1.0517), with ongoing positive pressure from the SMA for the last 50 days period, with the pair readying to strike at the resistance of 1.1256, which represents the ratio 61.8%.
Therefore we expect more gains to come for the pair as long as the support of 1.115 holds on, targeting thereafter the pivotal resistance of 1.1430 which represents the ratio 76.4% of the same retracement levels mentioned earlier.
Trend
Bullish