EURUSD Price Action Analysis - 50.0% Fibo support level crossed for bearish breakdown
16 July 2015, 12:11
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W1 price is located below 200-period SMA and below 100-period SMA for the primary bearish market condition with secondary ranging between 61.8% Fibo support level at 1.0843 and Fibo resistance level at 1.1466:
- 50.0% Fibo support level at 1.0964 crossed by the price on open weekly bar from above to below for the primary bearish trend to be continuing;
- the price is breaking 1.0915 support level for now;
- the price is breaking the triangle pattern from above to below for good possible breakdown;
- the next targets after 1.0915 support level to be broken are the following: 1.0843 and 1.0818.
If the price will break 61.8% Fibo support level at 1.0843
on close bar so the primary bearish trend will be condinuing up to the next targets: 1.0818 and 1.0461.
If the price will break Fibo resistance level at 1.1466 from below to above so the local uptrend as the secondary market rally within the primary bearish will be started.
If not so the price will be ranging between between support level at 1.0843 and resistance level at 1.1466.
Trend:
