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2/11/2016 2:20:35 AM

EURUSD muddles through a volatile session - Technical Analysis - 11-02-2016



EURUSD engaged in highly volatile trading in the intraday levels, with the pair erasing its earlier losses in the last session and closing above the important support 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), with ongoing positive pressure from the SMA for the last 50 days period, with the traders trying to reap profits of the pair's previous short-term rises.

Therefore we expect the pair to climb in the coming trading as long as it settles above 1.1256, targeting the resistance of 1.1430, which represents the ratio 76.4% of the same retracement levels mentioned earlier.


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Risk


Support
Resistance


Trend Bullish

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