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3/4/2016 2:51:57 AM

EURUSD exits a descending price channel's range - Technical Analysis - 04-03-2016

EURUSD jumped yesterday after the support of 1.0840 held on, succeeding in breaching the ceiling of that descending price channel that limited the pair's previous short term movements as shown in the attached chart, coinciding with another breach of the important resistance of 1.0930, settling above it for the moment and trespassing the SMA50, getting rid of all its negative pressures at once, barring a venting-off of overbought saturation apparent in relative power indicators like the Stochastic as shown below the attached chart.

Therefore we expect more gains to come for the pair as long as the support of 1.0930 holds on, targeting the first resistance of 1.1025, and then 1.1110 as a price target for exiting this price channel.



Trend Bullish