Preparing for a local upward reversal
25 November 2015, EUR/USD
Daily chart: a continued development of bullish convergence of the oscillator, indicating weakening of the bearish front, and the possible beginning of upward reversal. However, the bottom Bollinger band is still far lower (1.0521), the price maintainings the ability to touch it. The first goal of a possible reversal - the middle band (1.0796).
Н4: we also see multiple convergence. Bollinger envelopes are horizontal, flat corridor 1.0588-1.0734.
Н1: trade can be in the range of 1 hour envelopes (1.0626-1.0661), from where bulls will have to attack in the direction of 1.0734 and 1.0796.
Expectations: So, in general, upward reversal is very likely to happen to move the price to 1.0796. However, such a scenario may be delayed by the flat in the corridor 1.0626-1.0661.
Trading solutions: buy on any decline in the area of 1.0626 and keep counting on momentum to 1.0796
Aleksey PanasenkoAnalyst of «FreshForex» company
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