EURUSD Next Week Outlook - Fibo support level as the next target for breakdown
27 November 2015, 06:11
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W1 price is located below 200 period SMA (200 SMA) and below 100 period SMA (100 SMA) for the primary bearish with the ranging between Fibo resistance level at 1.1713 and key support level at 1.0461:
- intermediate support level at 1.0616 is going to be crossed to below by open weekly bar for the bearish trend to be continuing with Fibo support level at 1.0590 and key support level at 1.0461 as the next bearish targets with this case;
- bullish reversal level is Fibo resistance level at 1.1713; if the price breaks this level from below to above so the reversal of the price movement from the primary bearish to the primary bullish condition may be started;
- RSI indicator is estimating the downtrend to be continuing.
If the price will break key support level at
1.0461 to below so the bearish market condition will be continuing.
If the price will break Fibo resistance level at 1.1713
from below to above so the
reversal of the price movement from the primary bearish to the primary
bullish condition may be started;
If not so the price will be ranging between between the levels.
Trend:
