AvaTrade - Analytics

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    EUR/USD- Downward momentum fading

    The EUR/USD is trading below its downward trend line on a 60 minute time frame. The price has not only completed its descending triangle pattern but it has gone beyond that level. The projection of the descending triangle pattern is shown by the line which is in pink colour. The volatility which was extremely high initially has lost some momentum and the price has catched up with its 20 day moving average and it is trading within the Bollinger band.

    The RSI has also moved out of its over sold region and it is trading in line with the price action which means that the bias is towards the upside.

    Important zone

    EURUSD  23-10-2015

    1.1038-1.1012 Support

    1.1343-1.1297 Resistance


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