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Good chances for continuation of correction

Good chances for continuation of correction | 30 October 2015

30 October 2015, EUR/USD

The daily chart: on the one hand - broken bottom Bollinger envelope. On the other - expressed bullish IB. This all suggests the possibility of a strong upward correction. Two areas that may be the goals of such a correction - 1.1110 (strong pivot zone) and 1.1216 (middle Bollinger band)

Н4: in the local term of view, bulls are favored both by convergence of oscillator plus ADX close to the trade activity. Upon that, there is also a strong resistance 1.1110, the price is likely to rebound back towards 1.0917.

Н1: > a strong local resistance area 1.0999-1.1013. But bulls attack on active ADX, so probability of a further break up big. Local support - 1.0946 (the bottom Bollinger band)

Expectations: The main scenario - rise to 1.1110. The lternative scenario - a rebound from the zone of 1.1013 (current levels) toward 1.0946

solutions: 1) Purchases to 1.1110 (with a break above 1.1013). 2) Sales from 1.1110

Aleksey Panasenko
FreshForex Analyst
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