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Looking for the entry points into sales to 1.1166

25 April 2016, EUR/USD

Daily chart: Euro falls in the direction of the strong support 1.1166 (the bottom Bollinger band). There is quite a high probability of an upward rebound because of corrective ADX, that does not give grounds for a further bearish attack.

Н4: the broken bottom envelope which is a sign of drop. Technically, we can expect a pre-rollback to the middle Bollinger band (1.1319), which is currently the best possible area for sales.

Н1: a better expressed resistance 1.1264 (middle Bollinger band). On local levels, the pair is oversold, ADX/RSI shows a classic correction.

Ищем точки для продаж к 1.1166

Expectations: The main scenario - touch of 1.1264 zone and then decline to 1.1166

The alternative scenario - a deeper correction to 1.1319 and then move towards 1.1166

Trading solutions: Looking for the entry points into sales to 1.1166 or 1.1319. The goal - 1.1166

Aleksey Panasenko
FreshForex Analyst
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