Bears have successfully counterattacked

29 August 2016, EUR/USD

4hours' chart of EURUSD. Another attempt of bulls to break through (6/8) has failed. As a result of a successful counter-attack, bears managed to carry off the price to the major support and resistance level (4/8). This is a serious failure of buyers calling into question the possibility of continuation of the upward movement. Currently the pair is on the weekly SuperTrend line, which supports the pair from the current position, and we can expect a corrective upward pullback of the price. But on reach of (4/8) we expect a new descending wave to start.

Trading solutions: Sell from 1.1230 (4/8) to 1.1108 (2/8)

Nikolay Krishtopov
FreshForex Analyst
See also:
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
© 2004—2018 FreshForex – Forex broker
manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call