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Near the strong resistance area

05 July 2016, EUR/USD

Near the strong resistance area

Four-hours chart of EURUSD. The pair has consolidated above the intermediate resistance level (2/8), but bulls have not enjoyed dividends from that. They cannot make a breakthrough above the level of (5/8). The main plan is drop with the medium-term goal at the the main level of support (0/8). A good confirmation of this scenario would consolidation below the level (2/8). A corrective growth has the right to life, too, but it is unlikely bulls will be able to get above the weekly Supertrend Line, which is very close to the price.

Trading solutions: no

Nikolay Krishtopov
FreshForex Analyst
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