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The pair has come to the local support area

The pair has come to the local support area | 19 September 2016

19 September 2016, EUR/USD

EUR/USD: Pair has gone to the local support area

The four-hours chart EURUSD. Pair long time has consolidated into narrow corridor near the main support/resistance level (4/8). As a result price went down . Pair has strong decreasing movement. Now support level of the price is local support area between (2/8) and (3/8) levels, so we can expect correction upwards pullback. But in the medium-term period situation isn’t friendly for buyers so in the nearest resistance area we are expecting beginning of new decrease wave.

Trading decisions: no

Nikolay Krishtopov
FreshForex Analyst
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