FXHighway
Short

Euro rebounds

FX:EURUSD   Euro Fx/U.S. Dollar
173 0 3
Target: 1.0650
Risk: 1.1270

Technical Reasons:

The EURUSD             tested the descending channel’s resistance and bounced bearishly from there, to fall under the negative pressure of the exponential moving averages 50 and 100, besides the bearish trend signal shown on stochastic .

Our next target is represented by the mentioned descending channel’s support at 1.0650, and we should be aware that breaching 1.1050 level will push the price to retest the previously broken support of the ascending channel that turns into resistance now at 1.1270.



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