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We expect finalization of target 1.1286 after correction

We expect finalization of target 1.1286 after correction | 16 October 2015

16 October 2015, EUR/USD

The daily chart: the pair is in line with our scenario - after breaking the top envelope, there will be a corrective pullback to the middle Bollinger band (1.1286), from where we will enter in the medium-run in the upward direction based on the movement of the euro towards 1.17 and possibly higher.

Н4: intermediate support zone 1.1325 (the bottom Bollinger band) can complicate decline to 1.1286 by maneuver in the area of ​​1.1475, where we were yesterday also found O&U pattern.

Н1: local resistance around the middle Bollinger band (1.1426) может не may not let bulls above (see. red arrow). If breakout above takes place, sales area from 1.1480 to 1.1286 will be very promising

Expectations:

The main scenario: touch of zone 1.1426 and then fall to 1.1286. Alternative scenario: rise to 1.1480 and then decline based on the main scenario.

solutions:

1) sales from 1.1426 to 1.1286

2) sales from 1.1480 to 1.1286

3) from 1.1286 we shall buy in the middle term to 1.17

Aleksey Panasenko
FreshForex Analyst
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