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3/1/2016 2:57:27 AM

EURUSD leans on an important support - Technical Analysis - 01-03-2016

EURUSD fell in the intraday levels, reaching the important support of 1.0866, representing the ratio 76.4% of Fibonacci retracement levels for an ascending wave in the short term (from 1.0710 to 1.1375), as we expect in our past analyses, with the pair bouncing higher in the Asian session today after gaining positive momentum from leaning on this pivotal support, with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart, with the pair hinting at forming a positive technical pattern, the Descending Wedge pattern.

Therefore we expect the pair to rise in the coming trading, provided the support of 1.0866 holds on, targeting thereafter the resistance of 1.0964, representing the ratio 61.8% of the same retracement levels mentioned earlier.



Trend Bullish