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Euro. Analysis of Friday's Close

23 May 2016, EUR/USD

Daily chart: a very active ADX looks ambiguous because of rebound of the pair from the lower Bollinger band. However, I am favor of the southern continuation (because of the well-shaped divergence of oscillator. On this background, Euro is attempting to grow. Also, we notice expansion of envelopes that can be a sign of continuation of the current trend)

Euro. Analysis of Friday's Close

Н1: a local northern accumulation and convergence. Upon that, ADX has not reached the trend zone yet, which enables a continued consolidation around the top envelope (1.1214-1.1229). Though we recognize that the range is too small for the euro.

Euro. Analysis of Friday's Close

Expectations: The main scenario - surge to 1.1250 and a return to 1.1197-1.1214

The alternative scenario - asluggish flat 1.1197-1.1229

Trading solutions: 1. Buy from 1.12 to 1.1250

2. Scalpers can just sell from 1.1250 to 1.12

Aleksey Panasenko
Analyst of «FreshForex» company
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