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Waiting for the update of a local Low

Waiting for the update of a local Low | 27 June 2016

27 June 2016, USD/JPY

The four-hours chart of EURUSD. After a strong drop, the pair got corrected pretty well. But, as we see, bears seized the initiative again and dragged the price down. The pair is currently proof-testing the major support level. If bears manage to push it for the second time, in the near future a deeper drop will happen. The goal remains to be the same - (-2/8). As soon as the price reaches it, Murrey levels will be redrafted. Growth will be considered only if the price can gain a foothold above the four-hours SuperTrend line.

Trading solutions: No

Nikolay Krishtopov
FreshForex Analyst
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