EUR/USD probable new downward impulse

EUR/USD 01.10.2016 D1 chart.

Long term downtrend, mide term choppy, short term downward movement and correction.

Price is testing a break below diagonal support, which is current resistance and below 50% Fibonacci of the last upward movement.

Price is below zone of horizontal resistance.

Technical indicators:

SMA50 crossed SMA200 – death crossing – probable downward impulse

SL 1,1160


Pin bar on H1 chart and bearish engulfing bar aftwrward for probable downward movement.

Alternative scenario: If price breaks and stays above the zone of hroizontal resistance this will cancel the negative scenario.

Jr. Trader Nikolay Georgiev

 Varchev Traders

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