Technical analysis for the EURUSD on 26.11.2015

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The EURUSD: false breakout of 1.0620 support

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Medium-term bearish trend was held back by 1.0620 support. The price made three attempts to test the barrier, but failed. The last two attempts were followed by the false breakout.

Trading is currently carried out above the 1.0620 support, where from the price is likely to rise into the range of the descending channel’s upper border at 1.0695.

As long as the EUR/USD keeps within the descending channel, dominating bearish potential will preserve. After the test of the channel’s upper border the price is expected to rebound down to  1.0620, 1.0565, 1.0500.

Alternative scenario:

The breakout of the descending channel’s upper border at 1.0695 will be a signal for reversal up, which will open the way to the next resistance at 1.0765.

 

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.