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

16 November 2015, EUR/USD

Daily chart: the bottom Bollinger band got a little lower than it was before - at 1.0576. This may mean willingness of bear for a new attack. However, there is also a probability of more serious upward correction to the middle Bollinger band (1.1012). Just remember that the great fundamental pressure on the euro may be exerted by terrible Friday's news from Paris.

Н4: horizontal channel 1.0692-1.0809

Н1: triangular consolidation with strong bullish ADX and strong resistance area 1.0790-1.0809. Local support - 1.0711.

Expectations: The main scenario - Touch of zone 1.0790-1.0809 and decline to 1.0711, with risk of falling to the 5th figure. The alternative scenario - a break above 1.0809 and rising to 1.1012.

solutions: 1) Sales from 1.0790-1.10809 zone to 1.0711 and 1.0576. 2) Under the alternative scenario, we shall be looking for buy signals to 1.1012.

Aleksey Panasenko
FreshForex Analyst
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