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Bears have successfully counterattacked

Bears have successfully counterattacked | 29 August 2016

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
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