EEUR/USD Technical Analysis & Daily Chart
10/11/16 10:37 AMGeneral Analysis
On the background of the latest news from the presidential election in America the EUR/USD currency pair started to decline sharply.
At the time when Clinton was in the lead the dollar began to fall but when it became known that Trump is likely to win this rally market turned around and started to increase.
Right now there is a decreasing formation on the chart and yesterday's daily candle has a very high volatility of almost 420 points, which in itself could lead to a short-term price correction today.
The Stochastic indicator show us the prevalence of a decline in the EUR/USD rate and gives a clear signal to sell.
The closest support level for the price reduction will be the level 1.0800, with whose penetration the new target to fall will open (1.0720 and 1.0680).
The Next Few Days
We expect a continuation of the decrease in this currency instrument. Most likely we will see testing of the support level at 1.0800 next week.
There is a possibility of a short-term correction but after the results of the latest news from the American region the general direction for the currency pair EUR/USD is down.
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