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4/19/2016 2:39:48 AM

EURUSD retests a pivotal resistance - Technical Analysis - 19-04-2016



EURUSD kept rising in the intraday levels, retesting the pivotal resistance of 1.1340, while coinciding with another test of the resistance of the SMA50, as the pair is affected by exiting an ascending price channel that limited its previous short-term movements as shown in the attached chart, while relative power indicators reached extremely overbought levels compared to the pair's own upward movement, hinting at forming a negative divergence in the Stochastic indicator as shown below the attached chart.

Therefore we reaffirm our negative outlook for the pair, targeting the first support to meet it at 1.1220.


Target
Risk


Support
Resistance


Trend Bearish

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