EURUSD gets rejected at previous support now resistance area of 1.1050.

Trading 08 sept 2019 Donner votre avis

EURUSD has bounced as expected from 1.0950 to 1.1050 as expected. Price back tested the previous support now resistance area and got rejected. This bounce was a selling opportunity as we explained since trend remains bearish and price challenged the cloud resistance.

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Red rectangle -resistance

EURUSD bounced towards cloud resistance and got rejected. Price has broken below the tenkan- sen (red line indicator). Support is found at 1.10 by the kijun-sen (yellow line indicator). Breaking below it combined with a break below the Kumo (cloud) would be a bearish signal at least for the short-term. If the tenkan-sen (red line indicator) crosses the kijun-sen (yellow line indicator) we will have another bearish signal for EURUSD that could lead to a move below 1.09. On the other hand if support at 1.10 holds and price breaks above 1.1085 then we have a bullish signal. However traders need to be very cautious even if price breaks above resistance and wait for a pull back towards cloud support.

The material has been provided by InstaForex Company - www.instaforex.com

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