EURUSD Testing Support
Long term bearish outlook from the slope of the Pitchfork (PF).
Strong breakout from longer term PF was met with strong selling the next day on 10/12/2015. Resistance at 50% retracement (1.10023)
Price should test the long term PF Upper Median Line for support. If support fails, downtrend should resume to the .236 retracement level.
Barring any surprises from economic news, prices should face resistance at the 50% retracement and the sliding line of the long term PF. As such, still inclined to a bearish outlook for EURUSD
Strong breakout from longer term PF was met with strong selling the next day on 10/12/2015. Resistance at 50% retracement (1.10023)
Price should test the long term PF Upper Median Line for support. If support fails, downtrend should resume to the .236 retracement level.
Barring any surprises from economic news, prices should face resistance at the 50% retracement and the sliding line of the long term PF. As such, still inclined to a bearish outlook for EURUSD
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