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Bears still dominate

Bears still dominate | 16 May 2016

16 May 2016, EUR/USD

Four-hours chart of EURUSD. At the second attempt, bears have pushed through the support level (2/8), and continued to move the price down. To date, bulls failed to stop drop at the level (1/8). For the system it is a reversal level. If the price stops there, it means an upward reversal targeting the main level of support and resistance (4/8). But at the moment we consider this option as an alternative, since we have no evidence of this scenario such as consolidation above the fourhours SuperTrend Line. The main plan is reach of the main support level (0/8)

Trading solutions: Keep selling. The new entry points can be found from the fourhours SuperTrend Line

Nikolay Krishtopov
FreshForex Analyst
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