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Decline from current levels is expected

24 August 2015, EUR/USD

The daily chart: strong movement has brought the price to the level of 1.1395, which corresponds to the beginning of a downward reversal based on the pattern O&U (or at least correction to the middle Bollinger band 1.1064).

Decline from current levels is expected

Н4: the upper Bollinger band is located at 1.1405 that can say about another attempt made by bulls. Support is located at 1.1168 (the middle Bollinger Band).

Decline from current levels is expected

Н1: is another important argument for a downward reversal - a divergence oscillator. Local support is at 1.1317, the next - 1.1221.

Decline from current levels is expected

Expectation: So, waiting for decline from current levels to 1.1317 and then to 1.122.

Solutions: 1) sales from current levels to 1.1317 and 1.1221.

Aleksey Panasenko
Analyst of «FreshForex» company
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