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Breakdown of (4/8)

15 April 2016, EUR/USD

Breakdown of (4/8)

Four-hours chart of EUR USD. The main support and resistance level (4/8) was reached. Here I would like to draw attention to the fact that the price did not rebound from this level, but continues to consolidate. Usually, it anticipates breakdown of this level. In addition, the price is pressed by the two Supertrend lines at the same time: the four hours's and Daily lines. Therefore, in the near future decline of the pair is the most probable way. Consolidation above the four-hours line of SuperTrend would cancel this option.

Trading solutions: Look for sales on a pullback to the four-hours line of SuperTrend

Nikolay Krishtopov
FreshForex Analyst
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