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Expecting the price on the level (4/8)

Expecting the price on the level (4/8) | 12 August 2016

12 August 2016, EUR/USD

Four-hours chart of EURUSD. The pair has failed to pass the resistance area formed by the weekly SuperTrend line and the level (6/8). A downward bounce has proved strength of the level and now we are waiting for a deeper drop with the nearest goal at the main level of support and resistance (4/8). But in the current situation, the mark (4/8) is not as strong, so in the medium run we may see the price on SuperTrenda Daily line. Ggrowth of the pair can be seriously considered only in case of update and consolidation of the price above the High of the previous day.

Trading solutions: transfer stop loss to breakeven and check if the goal at 1.1108 (4/8) is reached.

Nikolay Krishtopov
FreshForex Analyst
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