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The price has stopped at (2/8)

The price has stopped at (2/8) | 05 August 2016

05 August 2016, EUR/USD

Four-hours chart of EURUSD. The pair continued to decline. It has stopped only at (2/8). The price rebounded off this level, so from it we can expect an upward rollback to the nearest resistance level. Today's resistance is the area formed by the of daily and weekly SuperTrend lines. Upon reaching this area by the price, start of a new descending wave is expected. Alternatively, we consider the option with continuation of the downward movement from current positions. On breakdown of the level (2/8), the next target will be the main support level (0/8)

Trading solutions: No

Nikolay Krishtopov
FreshForex Analyst
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