EUR/USD 01.10.2016 D1 chart.
Long term downtrend, mide term choppy, short term downward movement and correction.
Price is testing a break below diagonal support, which is current resistance and below 50% Fibonacci of the last upward movement.
Price is below zone of horizontal resistance.
Technical indicators:
SMA50 crossed SMA200 - death crossing - probable downward impulse
SL 1,1160
Pin bar on H1 chart and bearish engulfing bar aftwrward for probable downward movement.
Alternative scenario: If price breaks and stays above the zone of hroizontal resistance this will cancel the negative scenario.
Jr. Trader Nikolay Georgiev
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.