Eur/Usd Analysis 17.08.2015

invezted.com

Context:
Price is still compressed within resistance 14520 and support 05000 the trend is still down

Location:
price found support just shy of the "mean" at 08150 and found resistance at 12180
we basically trade in the middle and chop is expected

Price Action:
after the rejection of 12000 we trade towards the 50% retracement of the current rally at 10300

Conclusion:
intraday wise one should wait till the supplyline is broken and wait for a retracement to test the longside
till 12000 , however any lower high or a rejection at 12000 can be used as an entry to trade the short side
else wait for price to test the extremes again in this case 10000 / 08150 for sup. and 12180 / 14520 for res.

support:
10300
10000
08150

resistance:
12000
12180
14520