EURUSD Price Action Analysis - ranging bearish with Fibo support level to be broken

EURUSD Price Action Analysis - ranging bearish with Fibo support level to be broken

27 July 2015, 15:11
Sergey Golubev
2
1 468

W1 price is located below 200 period SMA and 100 period SMA for the primary bearish: the price is ranging between 1.0461 support level and Fibo resistance level at 1.1467:

  • The price is ranging between 1.0461 support level and Fibo resistance level at 1.1467;
  • The price is breaking Fibo level at 1.0820 for the bearish trend to be continuing;
  • If weekly price will break 1.0820 support level on close weekly bar so the primary bearish trend will be continuing with the next target as 1.0461, otherwise price will be ranging within familiar levels;
  • “The tightening range since the May high could compose a triangle within a larger advance from the March low.” A broader range does of course remain possible but with EURUSD breaking support this week, one must consider a more immediate bearish alternative. Comparisons with 1997 (pre euro trading but a calculated value is plotted) price behavior are striking. In both 1997 and 2015, the rate plunged out of the gate into March. Weekly RSI registered extremes the weeks of 3/3/97 and 3/9/15.”

Trend:

  • D1 - ranging bearish
  • W1 - ranging bearish
  • MN1 - ranging bearish