General overview for 23/02/2017:
The EUR/USD pair might now start to develop an impulsive bearish pattern to the downside, which can be devastating for bulls. According to the bearish labeling, this five wave pattern had just started, but it will be fully confirmed when:
1. price will fall out of the golden channel
2. price will break out below the technical support at the level of 1.0337
In the same time, the price can not break out above the gray rectangle demand breakthrough zone, because bearish count will be invalidated and the market gets back to the trading range. The most important intraday level is the technical resistance at the level of 1.0602 at it must hold the line in order the down trend to continue.
1.0337 – Technical Support
1.0453 – Intraday Support
1.0492 – Intraday Support
1.0602 – Intraday Resistance
1.0700 – Intraday Resistance
1.0793 – 1.0870 – Demand Breakthrough Zone
All swing sell orders opened while the price had been trading at the gray rectangle zone should be still left open. Please keep an eye at the level of 1.0602 and in a case of a break out above this level, the sell orders should be closed.*
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.