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Key level - 1.1137

03 June 2015, EUR/USD

Daily chart: Right now bulls have reached a strong resistance level (1.1137, middle Bollinger band), so a rolldown is possible, but the outlook of movement to the entrance point according to the pattern Over&Under (1.1390) has been clearly shaped.

Н4: a pullback to the middle Bollinger band is possible(1.1006), but in general, expectations remains the same - growth to 1.1390.

Н1: intermediate support is based at 1.1137 (the same line is a day resistance, that is to say, we have a pivot area and equally probable scenarios of growth and decline)

Expectations:

1) Main scenario is growth from current levels in the direction of 1.1390.

2) Another option - a breakthrough under 1.1137 - will cause correction to 1.1006 and we shall buy from there.

Trading decisions:

1) We buy from corrent levels to 1.1390 with Stop Levels established under 1.1130

2) If there is a breakthrough under 1.1137, we shall sell to 1.1006, either just miss decline to buy in the area 1.1006.

Aleksey Panasenko
FreshForex Analyst
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