Euro FX future: outside bar pattern, watch volumes before opening long or short positions

Outside bar pattern drawn on Euro FX future daily chart, marked a series of 7 consecutive higher lows. Quotes are below 14 day moving average.

Euro FX future April 5, 2017 close was unchanged (-0.03%) at 1.0702. Outside bar pattern drawn on daily chart and marked a series of 7 consecutive higher lows. Yesterday trading session was characterized by a gap up at the open and a selling pressure at close. So a new bearish technical picture has been drawn on Euro FX future daily chart (open > high1, close < close1) which, however, needs to be confirmed. Watch volumes before opening long or short positions. Momentum indicator still shows negative values. Euro FX Future

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Euro FX future quotes are below 14 day moving average (SMA value is 1.0790). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows an increase in volumes compared to the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 05/04/2017.

Performance: 7 trading days= -1.36% – 15 trading days= -0.88% – 30 trading days= +1.17%

Resistance levels: R1= 1.0729 – R2= 1.0755 – R3= 1.0812
Pivot Point: 1.0698
Support levels: S1= 1.0672 – S2= 1.0641 – S3= 1.05847


Buying opportunity above 1.0716 targets minor resistance at 1.0753 and perhaps as far as strong resistance at 1.0783, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.0829.

Selling opportunity below 1.0685 targets minor support at 1.0647 and perhaps as far as strong support at 1.0619, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.0573.

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