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Drop to 1.1272 and then an upward bounce

18 May 2016, EUR/USD

Daily chart: ADX still does not show the trend interest in what is happening. Thus, today we expect the flat area around the middle Bollinger band (1.1320-1.1361). This range of Bollinger envelopes is very wide - 1.1206-1.1522, which makes trade in this market is very problematic

Н4: support around 1.1272 (the lower Bollinger band), from where, apparently, an upward rollback to 1.1336-1.1351 will be held.

Н1: Bollinger envelopes are in a horizontal flat orientation, but ADX shows trend signs with the possibility to finaliza support 1.1272.

Expectations: The main scenario - decline towards 1.1272 and then rebound to 1.1305, 1.1323

The alternative scenario - flat 1.1305-1.1336

Trading solutions: sale to 1.1272, and search for signals to buy from 1.1272

Aleksey Panasenko
FreshForex Analyst
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