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Bulls could not hold the important level

Bulls could not hold the important level | 04 August 2016

04 August 2016, EUR/USD

Four-hours chart of EURUSD. The pair has bounced off from the main support and resistance level (4/8). The local level of support (5/8) important for bulls was broken. Further medium-term growth is less probable. But if we consider the situation at the local level, we should not wait drop from the current position without pullbacks, too. Therefore, as of today the primary option is growth to the four-hours' SuperTrend line and from this position we should expect resumption of the downward movement.

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Nikolay Krishtopov
FreshForex Analyst
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