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    Technical analysis for the EURUSD on 23.07.2015

    The EURUSD: upside correction has halted at 1.0970 resistance

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 1.1080

    Min. 1.0810

    eurusd15

    Two-day growth of the Euro against the US dollar halted at 1.0970 resistance. The test of the level occurred at low volumes and was followed by a slight rebound down.

    At the moment we observe another growth towards 1.0970 resistance. Trading volumes are still low, so there’s a big chance of consolidation, followed by the bounce down.

    Potential targets for the rebound will be found at the three supports of 1.0915, 1.0870, 1.0810.

    Alternative scenario: the breaking of 1.0970 resistance will allow the bulls to correct the price to the upper border of the descending channel at 1.1080 – 1.1075.                                                                                                            

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

    The EURUSD: upside correction has halted at 1.0970 resistance

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 1.1080

    Min. 1.0810

    eurusd15

    Two-day growth of the Euro against the US dollar halted at 1.0970 resistance. The test of the level occurred at low volumes and was followed by a slight rebound down.

    At the moment we observe another growth towards 1.0970 resistance. Trading volumes are still low, so there’s a big chance of consolidation, followed by the bounce down.

    Potential targets for the rebound will be found at the three supports of 1.0915, 1.0870, 1.0810.

    Alternative scenario: the breaking of 1.0970 resistance will allow the bulls to correct the price to the upper border of the descending channel at 1.1080 – 1.1075.                                                                                                            

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


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