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Technical analysis for the EURUSD on 11.11.2015

The EURUSD: ahead of the ECB’s Draghi speech

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 165 pips Max. 1.0900
Min. 1.0600

eurusd2

Bears managed to refresh the last week’s low at 1.0705 yesterday, but failed to hold below this barrier, so the price corrected up.

The main correction target is situated at the upper border of the descending channel – level 1.0790. The approach to this barrier will most likely trigger consolidation.

Consolidation should last till 16:15 – the ECB president Draghi’s speech. If bears manage to break support at 1.0705 amid the news, the downtrend will continue to the next target at 1.0600.

Alternative scenario:   

Correction up will continue if price breaks the upper border of the descending channel at 1.0790. Potential growth targets are 1.0810, 1.0850, 1.0900 resistance levels.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

The EURUSD: ahead of the ECB’s Draghi speech

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 165 pips Max. 1.0900
Min. 1.0600

eurusd2

Bears managed to refresh the last week’s low at 1.0705 yesterday, but failed to hold below this barrier, so the price corrected up.

The main correction target is situated at the upper border of the descending channel – level 1.0790. The approach to this barrier will most likely trigger consolidation.

Consolidation should last till 16:15 – the ECB president Draghi’s speech. If bears manage to break support at 1.0705 amid the news, the downtrend will continue to the next target at 1.0600.

Alternative scenario:   

Correction up will continue if price breaks the upper border of the descending channel at 1.0790. Potential growth targets are 1.0810, 1.0850, 1.0900 resistance levels.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!



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