We assess the potential of the upward correction of euro
13 November 2015, EUR/USD
Daily chart: a very intense correctional session with all the signs of this trend. Will bears begin to act this week, or give themselves time to rest even on the weekend? It is a question of the day. In general, potential for correction is limited to the middle Bollinger band (1.1012). The goal of the medium-term decline of the euro - the bottom Bollinger band (1.0585)
Н4: delay at 1.0820 resistance with weak ADX. It can reject the euro to the middle Bollinger band (1.0758)
If bulls pass 1.0820, the way to 1.09 will be open.
Н1: detalization of the same scenario..
Expectations: The main scenario - bounce down from 1.0820 to 1.0758. The alternative scenario - breakthrough of 1.0820 and movement towards 1.09
solutions: 1) If you sell in this phase - only if you are based on expectation of the medium-term decline in the 5th figure. Intraday sales are unsafe. However, under the development of the basic scenario, the potential in 70 points will be present. 2) Bulls could try to finalize correction to 1.09 and possibly even to 1.10
Aleksey PanasenkoAnalyst of «FreshForex» company
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us