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A strong pullback

A strong pullback | 31 March 2016

31 March 2016, EUR/USD

Four-hours chart of EUR USD. The pair broke the level (+2/8) and as a result we see that Murrey levels were redrafted. They were expanded. Currently the pair is below the level of (5/8). In this case we see an unsuccessful attempt of bulls to break through this level. The upward movement is losing momentum and from current position we expected a downward roll back. As usual, the first goal is the four-hours Supertrend line. If bulls want to continue to move to the top, they need to retain this local level of support. Otherwise we will see a stronger pullback to the area of ​​the main support and resistance level (4/8). This second option I regard as the basic for today

Trading solutions: Sales from 1.1348

Nikolay Krishtopov
FreshForex Analyst
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