EMAAR Technical OverviewPosted on Thursday, September 1 2016 at 4:32 am GMT+0000
Testing 61.8% Fibo level.
Prices fell after finding resistance at 7.44, the last decline can still be treated as correction of the prevailing up bias, which will provide medium term traders with renewed long entries, they will be monitoring for stronger support confirmation before any market entry can materialize. At the mean time a break above the 7.45 will be needed to confirm forthcoming higher movements. The recent break above the 7.11, completed a short term bullish reversal providing short term traders with a new market entry point, with short term targets outlined at 7.18 and 7.28, considering the support at 7.00 as the first defense of the short term bullish trend.