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Premarket review on the euro. Analysis of Friday's close

26 October 2015, EUR/USD

The daily chart: Bears knocked the bottom Bollinger envelope, which may start an even stronger fall of the euro. However, properties of this setup allow correction to the area median band (1.1264), where we have an appropriate zone for medium-term sales towards 1.08

Н4: weak signs of convergence, so as you can expect a pullback to the zone of the middle Bollinger band (1.1243)

Premarket review on the euro. Analysis of Friday's close

Н1: here we have a well-expressed bullish convergence, which coincides exactly with findings from the daily chart. Touch of 1.0984 zone is still possible, where I'd recommend buying towards 1.1243. On the way there will be strong resistance zone 1.1072 (middle Bollinger Band), 1.1155 (upper band), where intraday traders can take profit on purchases.

Premarket review on the euro. Analysis of Friday's close

Expectations:So, we wait for beginning of the upward correction to 1.1072, 1.1155 and 1.1243 (extraday). You're better buy in this correction around 1.0984.

solutions:

1) buy from the area of 1.0984 to 1.1072, 1.1155 and 1.1243.

Aleksey Panasenko
FreshForex Analyst
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