Wednesday, October 28, 2015

EURUSD Below 200SMA

The pair is in its 4th day to trade below the 200SMA. It is currently on its strong support level on the lower trend line at 1.10. Although the pair tried to climb above the 1.11 mark it failed to maintain momentum and gave up in the face of all the bears in the market.

In light of the strong support now might be a good time for long-term traders to open a long position with a tight stop below 1.0965. But I personally would advise all bulls to be patient and observe what the pair will do in the next few days and will it manage to go over the 200SMA. The general rule is "stay away from everything that is below the 200SMA", don't forget this!

Chart: EURUSD D1


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7 comments:

  1. UnknownOctober 28, 2015 at 11:17 AM

    Well spotted! I'll keep it in mind.

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  2. UnknownOctober 28, 2015 at 3:13 PM

    EUR/USD is about to test the resistance at 1.1100 but I doubt it will succeed in breaking above it before the fundamentals tonight.

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  3. UnknownOctober 29, 2015 at 5:00 AM

    Let’s see how low it keeps going.

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  4. UnknownOctober 29, 2015 at 10:13 PM

    Wise advice!

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  5. UnknownOctober 30, 2015 at 3:42 AM

    1.1000 level is still holding so far, but further recovery attempt the level expected.

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  6. UnknownNovember 1, 2015 at 12:31 PM

    Very useful post.

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  7. UnknownNovember 1, 2015 at 8:28 PM

    Further drop is more likely.

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