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The area of a key resistance is 1.1210-1.1233

The area of a key resistance is 1.1210-1.1233 | 20 May 2016

20 May 2016, EUR/USD

Daily chart: the price has accumulated a quite obvious bearish potential, ADX pressure is close to the trend. Ahead there is a strong support area 1.1200-1.1210, which breakdown will boost sellers towards 1.0970

Н4: convergence of oscillator and some oversoldness. At the same time, we notice pressure from ADX and expanded envelopes, which suggests continuation of the downtrend.

Н1: local convergence of bullish RSI. The key reversal zones will be 1.1210 and 1.1233 (the middle and upper Bollinger bands). As long as these areas are not broken up, we expect a continuation of drop of the euro.

Expectations: The main scenario - touch of 1.1210-1.1233 zone and then diving under 1.1170 to 1.11 and with an eye on 1.0970

The alternative scenario - reversal to 1.13 in the case of surge above 1.1233

Trading solutions: Sell from 1.1210-1.1233 to 1.11 with a Stop Loss set above 1.1233.

Aleksey Panasenko
FreshForex Analyst
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