Decline towards 1.0613 | 27 January 2017

27 January 2017, EUR/USD

Daily chart: we are observing downside correction towards support level at 1.0613 (middle Bollinger band). From there a new rise towards 1.0801 (upper Bollinger band)may be started.

Decline towards 1.0613

Н4: here we have active trending ADX, so breakout of 1.0613 is likely to occur.

Decline towards 1.0613

Н1: localized support level on lower Bollinger band region (1.0651) can be under pressure considering aggressive and trending ADX on this chart. That's why despite of the red arrow scenario (rollback towards 1.0684 and 1.0724), we will proceed from the core scenario of decline towards 1.0613 (blue arrow)

Decline towards 1.0613

Expectations:

Core scenario - decline towards 1.0613

Alternative scenario - rollback from 1.0651 to 1.0684 and 1.0724

Solutions: consider selling towards 1.0613

Aleksey Panasenko
FreshForex Analyst
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