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

23 November 2015, EUR/USD

Daily chart: we notice presence of bullish convergence of the oscillator, ie downward potential is limited, although space visually allows movement to the bottom Bollinger band (1.0557). From this area an upward reversal to the middle band (1.0853) is very probable

Н4: here ADX did not reach the trend value, so we wait for the support on the bottom Bollinger band (1.0618) and rebound to resistance 1.0738

Н1: slightly more localized support at 1.0633 and resistance 1.0687. Break of the northern local determination can be caused only by movement of the price to new Lows (below 1.0618)

Expectations: The main scenario - an upward reversal from zone 1.0618-1.0633 towards 1.0687, 1.0738. The alternative scenario - a breakthrough at 1.0618 and decline to 1.0557

solutions: 1) Buy from zone 1.0618-1.0633 with Stop orders being put under 1.0618 and goals 1.0687, 1.0738. 2) Sales aimed at breakdown of 1.0618 to 1.05557. It is not the best option, given the factor of oversoldness and the daily convergence.

Aleksey Panasenko
Analyst of «FreshForex» company
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