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We monitor response of the euro to the key resistance

18 December 2015, EUR/USD

Daily chart: the downward correction has reached the bottom Bollinger band (1.0787), so we expect a new upward wave (to the upper band 1.1091).

But there is also a scenario, under which the middle band is broken, and the euro will be falling back into zone of 1.06.

We monitor response of the euro to the key resistance

Н4: technical pullback to the middle Bollinger band (1.0917), where the true detemination becomes clear: either bears will try to bring down out attack to support 1.0787 or bulls implement a breakthrough in the 10th figure. ADX is weak, so scenarios are not intraday.

We monitor response of the euro to the key resistance

Н1: more localized resistance at 1.0878 (Upper Bollinger band) can lower the price to 1.0803 (the bottom band).

Movement to 1.0917 will bring a threat to further growth.

We monitor response of the euro to the key resistance

Expectations: The main scenario - rise to 1.0878 and then to fall to 1.0803

The alternative scenario - rise to 1.0917 and then roll back down to 1.0840, where a new upward phase up above 1.10 will take place (extraday).

Trading solutions: 1) Buy to 1.0878 and possibly to 1.0917. 2) If we have short signals in the area of ​​1.0878 - sales to 1.08 and 1.0783

Aleksey Panasenko
FreshForex Analyst
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