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2/19/2016 4:33:04 AM

EURUSD breaches a descending price channel's ceiling - Technical Analysis - 19-02-2016



EURUSD rose today after sliding yesterday to lean on the support of that descending price channel that limited the pair's previous short-term movements as shown in the attached chart, which lent it positive momentum that propelled it higher, breaching the ceiling of that price channel and trespassing the SMA for the last 50 hours period, getting rid thereafter of all its negative pressures at once, buoyed further by positive signals from relative power indicators.

Therefore we expect more gains to come for the pair in the coming intraday levels trading, targeting the resistance of 1.1155, and in case of breaching it, it'll go on to the next immediate resistance at 1.1185.


Target
Risk


Support
Resistance


Trend Bullish

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