News or techniques?

28 October 2015, EUR/USD

The daily chart: markets anticipate a rich news background. Making forecasts at these times is a thankless task, but we still can estimate technically reasonable options. So, yesterday bulls failed to avail from correction, which, by definition, will create possible trouble to them (in the case of loss of support from the bottom Bollinger band, 1.0998). However, as long as this support is relevant, we must consider possibility of a pullback towards the middle Bollinger (1.1241) band, from which the euro is likely to finalize drop to 1.0839 on the news from the Fed.

Н4: support in the area of ​​1.0990, resistance 1.1157 (the upper and bottom Bollinger bands, respectively).

Н1: indicators completely insensitive to the abundant news background today, so we cannot rely to the narrow Bollinger range (yellow area).

Expectations: 1) The main scenario - touch of zone 1.0990 and rise to 1.1157, from where the price will start falling towards 1.0839.

2) The alternative scenario - direct fall to 1.0839 (in the case of breakdown of support 1.0990).

3) Reserve scenario - a more cumbersome correction to 1.1241 (on bad news for the dollar)


1) To conservative traders and beginners I advise not to trade today (or trade with minimum possible trade volumes).

2) Aggressors can try to work out the possibility of strong impulses. They are available both upwards (to 1.1157 and 1.1241) and downwards (to 1.0839)

FreshForex Analyst
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