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Correctional karma

04 December 2015, EUR/USD

Daily chart: the abnormal news bar broke the upper envelope, having covered 3-weeks' range, but meanwhile it has not impressed ADX, which turned away from bulls. This may mean a high probability of a strong downward correction prior to a possible full reversal of the euro up, which had been brewing for quite a long time

Correctional karma

Н4: the fourth bar in row outside of Bollinger envelope - correctional karma is also strong here. The middle Bollinger band (1.0648) is a magnet for a pullback.

Correctional karma

Н1: Here, as we see, the upper Bollinger band is at 1.1051, and thus we can not exclude test of this area prior to a serious correction. Intraday support - 1.0732 (the middle band).

Correctional karma

Expectations: The main scenario - correction to 1.0732 from current levels. The alternative scenario - test of 1.1051, then downward correction from there.

Trading solutions: sale to 1.0732

Aleksey Panasenko
Analyst of «FreshForex» company
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