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EURUSD UPDATE

EURUSD Update

EURUSD, Daily

EURUSD failed to hold above its weekly uptrend line on a clean break below the 1.11 resistance. Now that the 6 month uptrend-line has been lost, we need to see if the 1.0990 low, as seen last week, will be retested before price makes an attempt towards 1.11 and possible 1.1170 in a return move. Momentum analysis remains towards the downside, although, I would expect to see some short term buying interest if the Stochastic can create a bull cross near the Stch.Os. 20 line. My multi-day conclusion on EURUSD price action is for a retest of Friday’s low (1.0996) before a return move towards 1.11 –1.1170.

Tuesday, 27 Oct, 2015 / 10:30

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Source : http://analysis.hotforex.com/blog/2015/10/27/eurusd-update-4/

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