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EUR/USD: A probability for a short term decline after an attempt to break below 1,1682

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EUR/USD: 16.08.2017

Our expectation: A possibility for short positions below 1,1685 as breakout below will activate a Double Top formation. SL 1,1795

Alternative scenario: If price remains in range around the current levels we should wait a breakout above the previous high to confirm the probability for long positions.

Comments:

Mid term uptrend reaching levels of resistance - historical horizontal resistance and Fibonacci 38,2 of the downward movement from 04.05.2014.

Double Top formation as breakout below 1,1685 will activate it.

Three lower tops and bottoms increase the likelihood for a short term downward movement.

Price below 200SMA at weekly chart W1 - strong signal for a probable short term reversal.

Last bar closes below the Closes of the last three bars - signal for short.

DeM(14) points downward after reversal in overbought zone - short term bearish sentiment.

Trader Nikolay Georgiev


 Varchev Traders

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