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Waiting for retest of (4/8)

Waiting for retest of (4/8) | 10 August 2016

10 August 2016, EUR/USD

Waiting for retest of (4/8)

Four-hours chart of EURUSD. A corrective upward pullback took place on a bit higher level than we expected. However, the main plan for today is decline. At the same time, it is likely that a downward rollback will start from current levels. The goal is the main support and resistance level (4/8). Further direction of price movement will depend on results of test of this level. A breakdown will open the way for a deeper drop to (2/8). An upward bounce would signal about further growth of the pair.

Trading solutions: Sell from current levels with the nearest goal at 1.1108 (4/8), but we should not close the order in case of achieving this goal.

Nikolay Krishtopov
FreshForex Analyst
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