EUR/USD Price Action Analysis - Fibo support level crossing for breakdown: it’s decision time
2 November 2015, 15:11
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W1 price is located below 200 period SMA
(200 SMA) and 100 period SMA (100 SMA) for the primary bearish market condition with the secondary ranging between Fibo resistance level at 1.1713 and key support level at 1.0807:
- the price is trying to cross Fibo support level at 1.0897 for 1.0807 as a next bearish target;
- "support is
estimated in the mid-1.0800s. Resistance is estimated in the mid-1.1400s
(May and June high are 1.1435/65). A break on either side would
indicate potential for a larger move."
- "EUR/USD traded 1.1494 (a bit above the cited level) 2 weeks ago and down to 1.0897 last week. This is support near term. Failure to hold here would make a breakdown a reality. It’s decision time."
- bullish reversal resistance level for this pair is 1.2192 located on the border between the primary bearish and the primary bullish on the chart;
bearish resistance level for the pair is 1.0461 located far below 200 SMA/100 SMA in the primary bearish area of the chart; if the price crosses this level from above to below so the next real target will be 1.0298.
Trend:
- D1 - ranging bearish
- W1 - ranging bearish
- MN1 - ranging bearish
