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Pressure remains

12 October 2016, EUR/USD

Pressure remains

Four-hours chart of EURUSD. Bears could easily push the level (0/8) and continued the downward movement. The result was a breakdown of the level (-2/8) and Murrey levels got redrafted. The pair has currently stopped at (5/8), which should have no effect on the price. Therefore, the main option is continuation of the downward movement to the next target on the main level of support and resistance (4/8). This option would be canceled by breakthrough and consolidation of the pair above the four-hours SuperTrend line. In this case, we can count on a corrective pullback to (6/8)

Trading solutions: None.

Nikolay Krishtopov
FreshForex Analyst
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