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2/23/2016 3:08:36 AM

EURUSD exposed to negative pressure - Technical Analysis - 23-02-2016



EURUSD slid in the intraday levels with ongoing negative pressure from the SMA50 in the four-hours frame as shown in the attached chart, with the pair settling below the pivotal resistance of 1.1121, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 1.0710 to 1.1375), breaking though the support of 1.1043, representing the ratio 50%, doubling thereafter the negative pressures on the pair's next movements.

Therefore we expect more losses for the pair, targeting the pivotal support of 1.0964, representing the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bearish

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