Technical analysis for the EUR/USD – 30.11.2015

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«Bears» managed to push the price below 1.0660/50 support. The test of this barrier as resistance later ended up with a failed breakout, which indicated that trades had held below 1.0650, and gave even more reasosn to expect the pair to reach previously mentioned targets at the local lows of 1.0500, 1.0460, formed in March. Trading is currently carried out at 1.0580/75. The indicators say in favor of such development – divergence at MACD suggests that decline may halt any time soon, most likely on the way to the above mentioned targets at 1.0550/30. The support looks to be rather strong, which can trigger reversal to 1.0720 resistance and become the “first leg” of correction within the range of 1.0720-1.0550/30. The breakout of the 1.0500/1.0460 support range, on the other hand, will give reasons to expect the test of lower levels at 1.0400/1.0370.

EUR301115

 

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About Author

Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!