The resistances push down the EUR/USD pair - analysis 07-11-2016

The price of the EUR against the US dollar opened trading on Monday the beginning of trading this week on a bearish movement after it faced several resistances through the end of trading last week, as the price of the pair closed last Friday around the resistance 1.1145 level and closed at the price of 1.1141, which coincided with the pressure of the  SMAs 50 and 100, which pushed the pair to the negative moves with the beginning of trading this week, facing the support level 1.1045.

 

Also noted during the previous long-term trades the pair movement within a bearish channel range the price approached its upper board during the previous climb, in addition to the appearance of an overbought signal on the stochastic indicator, which added further negative pressure on the price of the pair.

 

Generally; the price is now facing the support level of 1.1045, which if the price exceeded and held below, it is expected that the pair will target the next support around 1.0960 price Initially, but the stability of the current support may bring the price back to retest the resistance level of 1.1145.