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Looking for Sell signals around 1.1511

04 May 2016, EUR/USD

The daily chart: As we predicted, yesterday there was a rebound from resistance zone 1.16, then the bearish pinbar was obtained. All these happens against divergence of the oscillator, so we can assume that the potential bearish movement is at the middle Bollinger band (1.1359).

Н4: A strong local support from the middle Bollinger band (1.1475) delayed development of downward correction. If the level manahes to hold the price, 1.1603 area can be re-tested (see the red arrow). On a breakthrough below 1.1475, we shall expect decline to 1.1359 (see the blue arrow).

Н1: At the local level, the pair is clamped within the bottom envelope (1.1452-1.1511). If resistance 1.1511 (middle Bollinger band) is tight, the pair is expected to fall back to 1.1452 with the risk of falling to 1.1359.

Expectations: growth to 1.1511, then decline to 1.1452 with an eye to 1.1359

Trading solutions: we should look for sell signals around ​​1.1511

Aleksey Panasenko
Analyst of «FreshForex» company
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