EUR/USD 03.08.2016 D1 chart.
Long-term downtrend and short-term choppy.
Price is below 23,6 Fibonacci of the long-term downtrend.
Price below horizontal and diagonal resistances
Price action: Bearish engulfing at levels of resistance, but the bar is still current.
Technical indicators:
RSI(14) is still above 50, but indicators are a step behind the price action: if this cross under 50 will be a sell confirming signal.
CCI(50) is above 0, as break under 0 will be a confirming sell signal.
Entry: After correction to 1,1119, which is probable since price now is on weak support.
SL: 1.1265
Alternative scenario: If price goes above the resistances this will negate the bearish scenario.
Jr. Trader Nikolay Georgiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.