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

02 November 2015, EUR/USD

The daily chart: with noticeable problems bulls had nevertheless struck up bullish IB. However, bears also have their arguments in the form of active expansion of the Bollinger envelopes. Therefore, scenarios of direct drop to the bottom band (1.0912, red arrow) and finalizing the middle Bollinger band (1.1216, black arrow) must be regarded as equally probable plans.

Н4: Friday's growth was against the backdrop of bullish convergence, ie buying pressure was impressive. But bulls have not done the main thing - did not break the last peak of the chart (the upper Bollinger band, 1.1094). In such conditions, decline to 1.0912 is more likely to happen.

Н1: local upward pressure remains the same, it sends bullish inside bar to the middle Bollinger band. We are waiting for the pair to be on 1.1047 resistance (upper Bollinger band), the breakout - at 1.1094. The main expectation - decline from 1.1047 to 1.0958 (bottom Bollinger band)

Expectations: The main scenario - rise to 1.1047 and then decline to 1.0958 and 1.0912 (extrday). The alternative scenario - a breakthrough of 1.1047 and rising to 1.1094.

solutions: Sales from 1.1047 to 1.0958 and 1.0912

Aleksey Panasenko
Analyst of «FreshForex» company
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