Key resistance level of 1.0849
01 February 2016, EUR/USD
Day chart: There is still a sideways trend of 1.0775-1.0963 levels.
H4: strong support level in lower Bollinger band (1.0816) can move this pair down to 1.0948 level. (upper band, see black arrow). As an alternative – sideways trend (red arrow).
H1: now euro is at 1.0849 resistance level (middle Bollinger band). If this level is broken, then there will be a movement towards 1.0905 (upper band, black arrow). Equiprobably the price can roll back down towards 1.0816.
Expectations: The main scenario - growth to 1.0905 Alternative scenario – decline to 1.0816 Trading solutions: 1) Buy to 1.0905 2) Sell to 1.0816, but it’s risky.
Aleksey PanasenkoAnalyst of «FreshForex» company
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