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Waiting for a further decline

20 May 2015, EUR/USD

Waiting for a further decline

4 hours’ chart of EURUSD. Without any serious efforts, the pair has forced support line formed by the level (4/8) and weekly line of Supertrend. So, it opened the way for a further decline. The next coming target is the level (2/8). Main support level (0/8) shall be considered as the middle-term target. As for resistance, here we traditionally apply 4 hours’line of Supertrend. As possible alternative option, we can expect correction to (4/8), whereupon a downward movement will start again.

Nikolay Krishtopov
FreshForex Analyst
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