Technical analysis for the EURUSD on 27.11.2015

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The EURUSD: no changes

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The EUR/USD pair traded at low volumes and amid low volatility yesterday. In a short run, the downtrend is demonstrating weakening.

Despite high possibility of correction up, trading is carried out below strong resistance of 1.0615. As long as this barrier holds back further growth, downside potential preserves.

If bulls manage to push the price above the 1.0615 mark, the next growth target will be situated at the upper border of the descending channel – level 1.0685. Then, it’ll most likely rebound down and the medium-term downtrend will continue.

Alternative scenario:  

The bearish trend will turn up for correction if price breaks the descending channel’s upper border at 1.0685. The exit from the channel will allow bulls to correct the price up to 1.0765 resistance.

 

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