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Weakening of the bulls at 1.1423 and a downward reversal

Weakening of the bulls at 1.1423 and a downward reversal | 01 April 2016

01 April 2016, EUR/USD

Daily chart: signs of divergence of the oscillator, but it is difficult to recognize the oscillator top to be the the "top". However, overboughtness is here as well, which, along with a close-to-trend ADX play into the hands of the sellers. Let's see how resistance 1.1423 (the upper Bollinger band) will respond.

Н4: some signs of weakening of bullish front. Local levels of support and resistance - 1.1286/1.1423 (middle/upper Bollinger Bands)

Н1: bearish divergence. Localized support is at 1.1359 (middle Bollinger band), resistance is at 1.1423 (upper band).

Expectations: The main scenario - touch of 1.1359, then surge to 1.1423, and a downward reversal

The alternative scenario - breakdown of support 1.1359 a direct fall to 1.1300

Trading solutions: 1. Buy from 1.1359 to 1.1423

2. Sales from 1.1423 to 1.1300

Aleksey Panasenko
FreshForex Analyst
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