Two scenarios for the euro

17 December 2015, EUR/USD

Daily chart: correction continues toward the middle Bollinger band (1.0783).

Two scenarios for the euro

Н4: local support at 1.0891 (the bottom Bollinger band). ADX has not yet reached the trend value, so a further breakdown is likely to pass through theroll back into zone of the middle band (1.0959).

Two scenarios for the euro

Н1: the same picture. Support 1.0903. If it withstands, there will be an upward correction reaching 1.0964 (upper Bollinger band). If the level is broken - there will be a rollback to the middle band (1.0933)

Two scenarios for the euro

Expectations: The main scenario - break-down 1.0891-1.0903 of the support area, then a pullback to 1.0933 and the main phase of decline towards 1.0783. The alternative scenario - rebound from 1.0903 support to 1.0964.

Trading solutions: depending on situation, we either sell euros from 1.0933 or 1.0964. The goal - 1.0783

Aleksey Panasenko
FreshForex Analyst
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