In the previous analysis we gave the following recommendations: (Sell Stop 1.1230. Stop-Loss 1.1270. Targets: 1.1100,1.1050, 1.0870, 1.0750) and indicated that the pair EUR/USD had rebounded from the upper limit of the ascending channel and declined to support level of 1.1100 (lower limit of the channel, ЕМА144, ЕМА200). The signal to sell was done however the targets have not been reached yet. If the levelss of 1.0870 and 1.0750 can be referred as long-term targets, the nearest targets 1.1100 (ЕМА200 on 4-hout chart), 1.1050 (ЕМА144 on the daily chart) can be reached within a week.
On the hourly chart the pair EUR/USD has broken down the line of the trend which goes through the level of 1.1185 (ЕМА200) and continue to decline.
On 4-hour and daily charts the indicators OsMA and Stochastic have reversed toward the short positions. Breakout of the lower limit of the ascending channel on the 4-hour chart, which is where the pair is now, will lead the pair to the nearest support level of 1.1115 (ЕМА144 on 4-hour chart) and 1.1100.
If the price goes above resistance level of 1.1285 (Fibonacci 23.6% to the last wave of decline from the highs of 2014), 1.1340 (highs of February and March) the pair will stop the decline and go up to 1.1700 and 1.1785 (Fibonacci 38.2%), 1.1900 (ЕМА144 on the weekly chart).
Support levels: 1.1115, 1.1100, 1.1050, 1.1000, 1.0870 and 1.0750.
Resistance levels: 1.1185, 1.1285, 1.1340, 1.1375 and 1.1450.
Sell Stop: 1.1140. Stop-Loss: 1.1190. Targets: 1.1115, 1.1100, 1.1050, 1.0870 and 1.0750.
Buy Stop: 1.1225. Stop-Loss: 1.1175. Targets: 1.1285, 1.1340, 1.1375, 1.1450, 1.1500 and 1.1700.