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    Technical analysis for the EUR/USD – 16.11.2015

    Earlier forecast, expecting support at 1.0660/50 to trigger a long stop, turned out to be correct. As assumed, the pair has consolidated within the range of 1.0820-1.0660 and is now oscillating around 1.0740/50s. The indicators are clearly bearish – R% and SS escaped from the oversold territory, MACD is still in the negative zone, although its decline isn’t aggressive. In this situation we can expect further consolidation and probable extension of the sideways range to resistance at 1.0890/1.0900. However, dominating bearish potential preserves, as well as the prospects of further decline to the annual lows at 1.0500,1.0460 as the main targets. Steeper decline into 1.0380/90s is also a possibility. If amid the extension of the consolidation range the price breaks resistance at  1.0900/1.0890, “bearish” scenario will be put on hold.

    EUR161115

     

    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!

    Earlier forecast, expecting support at 1.0660/50 to trigger a long stop, turned out to be correct. As assumed, the pair has consolidated within the range of 1.0820-1.0660 and is now oscillating around 1.0740/50s. The indicators are clearly bearish – R% and SS escaped from the oversold territory, MACD is still in the negative zone, although its decline isn’t aggressive. In this situation we can expect further consolidation and probable extension of the sideways range to resistance at 1.0890/1.0900. However, dominating bearish potential preserves, as well as the prospects of further decline to the annual lows at 1.0500,1.0460 as the main targets. Steeper decline into 1.0380/90s is also a possibility. If amid the extension of the consolidation range the price breaks resistance at  1.0900/1.0890, “bearish” scenario will be put on hold.

    EUR161115

    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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