EURUSD Price Action Analysis - ranging within strong Fibo levels

EURUSD Price Action Analysis - ranging within strong Fibo levels

20 August 2015, 21:11
Sergey Golubev
4
3 395

W1 price is located below 200 period SMA (200-SMA) and 100 period SMA (100-SMA) for the primary bearish with secondary ranging between Fibo support level at 1.0807 and Fibo resistance level at 1.1469:

  • the price is trading around 50.0% Fibo level at 1.1137 for the ranging condition;
  • data of RSI indicator is estinating the ranging bearish to be continuing;
  • "EUR/USD has treaded steadily lower since failing last week at the 61.8% retracement of the May – July range near 1.1215";
  • "a Gann angle line from the March low comes into play around 1.1000 and this looks to an important downside pivot for EUR/USD";
  • "daily close above 1.1215 would turn us positive on the euro".

If the price will break Fibo support level at 1.0807 so the bearish market condition will be continuing up to 1.0461 as the next bearish target.
If the price will break Fibo resistance level at 1.1469 from below to above so the local uptrend as the bear market rally (counter-trend) will be started within the primary bearish market condition.
If not so the price will be ranging within the levels.

Trend:

W1 - ranging bearish
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