EURUSD is facing bearish wave – Technical Analysis – 04/05/2016

The EURUSD pair failure to breach the bullish channel’s resistance means that the price is heading towards expected decline in the coming period, and the main target is visiting the bullish channel’s support at 1.0995, while the price gets negative signal by MACD indicator that supports the expected decline.

Breaking the exponential moving averages 50 and 100 will confirm the continuation of the bearish wave, while breaching 1.1635 will allow the price to achieve more gains on the longer term basis.