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Was it a reversal?

04 May 2016, EUR/USD

Was it a reversal?

Four-hours chart of EURUSD. The target (6/8) was reached, whereupon sellers got more active. Their attack was so strong that they easily pushed the local level of support around (5/8) and brought the price down to the main level of support/resistance (4/8). It is likely that yesterday we saw the culmination of the current local upward movement. In the medium term, we will have a new descending wave. At least now it looks that way. Now the price is at the strong level of support, from which we may see an upward pullback, but the downward movement prevails now

Trading solutions: Purchases have to be settled at (6/8). Now we expect a rollback and look for sales around (5/8)

Nikolay Krishtopov
FreshForex Analyst
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