A continued correction

04 July 2016, EUR/USD

Four-hours chart of EURUSD. Bulls managed to gain a foothold above the intermediate level of resistance (2/8). However, it it too early to talk about a notable growth. At the top there is a lot of local areas of strong resistance, and they of them are fairly close to the current price. So after a little growth we expect a new descending wave. The reversal point is the SuperTrend weekly line. In case of breaking this mark, the next resistance area will be the main level of support / resistance (4/8).

Solutions: None

Nikolay Krishtopov
FreshForex Analyst
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