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Technical analysis for the EURUSD on 12.11.2015

The EURUSD keeps consolidating at 1.0705 support

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 135 pips Max. 1.0900
Min. 1.0600

eurusd3

The price entered a long-term consolidation above 1.0705 support after rapid decline last week. However, trading is still carried out within the medium-term descending channel.

The price is currently trading around the channel’s upper border, trading volumes are low. Divergence suggests weakening bullish potential.

To continue the downtrend, bears have to break and hold below strong support of 1.0705. The breakout will open the way into the range of the round 1.0600 mark.

Alternative scenario:

The breakout of the descending channel’s upper border at 1.0770 will allow bulls to continue the ascension. Potential correction targets in this case will be the following resistance levels: 1.0810, 1.0850, 1.0900.

 

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 keeps consolidating at 1.0705 support

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 135 pips Max. 1.0900
Min. 1.0600

eurusd3

The price entered a long-term consolidation above 1.0705 support after rapid decline last week. However, trading is still carried out within the medium-term descending channel.

The price is currently trading around the channel’s upper border, trading volumes are low. Divergence suggests weakening bullish potential.

To continue the downtrend, bears have to break and hold below strong support of 1.0705. The breakout will open the way into the range of the round 1.0600 mark.

Alternative scenario:

The breakout of the descending channel’s upper border at 1.0770 will allow bulls to continue the ascension. Potential correction targets in this case will be the following resistance levels: 1.0810, 1.0850, 1.0900.

 

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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