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EUR/USD Price Action Analysis - 61.8% Fibo support level at 1.1367 to be crossed for correction

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by , 05-11-2016 at 04:44 PM (1196 Views)
      
   
D1 price is located above 200 period SMA and 100 period SMA for the primary bullish market condition with the secondary ranging within Fibo resistance level at 1.1615 and Fibo support level at 1.1214:

  • 61.8% Fibo support level at 1.1367 is going to be crossed by the price from above to below for the secondary correction to be started;
  • RSI indicator is estimating the ranging bullish condition in the near future.

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If the price will break Fibo support level at 1.1214 so the reversal of the price movement from the primary bullish to the ranging bearish may be started.
If the price will break Fibo resistance level at 1.1615 from below to above so the primary bullish trend will be continuing.
If not so the price will be ranging within the levels.

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