The bulls have been too weak to break through the orange trendline, so the Shooting Star candlestick formation has been made just below the trendline and the price moved down towards the technical support at the level of 1.1371. This support has been broken as the market has made a new local low at the level of 1.3152. The price is still trading below the trendline, which means the bears are still in control over the market and are trying to push the prices below the level of 1.1342 – 1.1324.
The momentum is still negative and weak (below its fifty level), so the odds are in favor of bears despite the oversold market conditions. The larger time frame trend is still bearish, so the ease of move is to the downside.
Recommendations:
The bears are in control over the market, so the price will likely decrease towards the support zone at the levels of 1.1342 – 1.1324. If, however, this level is violated as well, then the next target for bears is seen at the level of 1.1284 (Hammer candlestick low).
The material has been provided by InstaForex Company – www.instaforex.com
Market technical overview:
The bulls have been too weak to break through the orange trendline, so the Shooting Star candlestick formation has been made just below the trendline and the price moved down towards the technical support at the level of 1.1371. This support has been broken as the market has made a new local low at the level of 1.3152. The price is still trading below the trendline, which means the bears are still in control over the market and are trying to push the prices below the level of 1.1342 – 1.1324.
The momentum is still negative and weak (below its fifty level), so the odds are in favor of bears despite the oversold market conditions. The larger time frame trend is still bearish, so the ease of move is to the downside.
Recommendations:
The bears are in control over the market, so the price will likely decrease towards the support zone at the levels of 1.1342 – 1.1324. If, however, this level is violated as well, then the next target for bears is seen at the level of 1.1284 (Hammer candlestick low).
The material has been provided by InstaForex Company – www.instaforex.com
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