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An ambiguous situation

17 May 2016, EUR/USD

An ambiguous situation

Four-hour chart of EURUSD. At first glance, the situation fully matches our expectations. Growth from the four-hours SuperTrend line and a downward bounce from this resistance level were the signals of a continued downward movement. But at smaller time frames the situation is not so unambiguous and bulls have an advantage. At the same time, we should not forget about stop of the price level on reversal level (1/8), which is a signal of growth to the main support and resistance level (4/8). But meanwhile talking about such a strong is too early. Meanwhile we expect the price at (2/8).

Trading solutions: close all sales. Purchases from the current levels with a very short Stop loss

Nikolay Krishtopov
FreshForex Analyst
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