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Rising correction

Rising correction | 26 May 2016

26 May 2016, EUR/USD

Daily chart: a technical upward correction to the middle Bollinger band (1.1332) is likely, because ADX/RSI show contradiction

Н4: a better shaped resistance 1.1246 (upper Bollinger band). ADX is not strong enough to make a breakthrough yet. At the same time, growth is noted on the background of bullish convergence of the oscillator, which may indicate an upward reversal.

Н1: at this level, buyers are in good shape. We have a few bars in a row outside Bollinger envelopes, so the best possible upward entry point is the middle Bollinger band (1.1157).

Expectations: now we are waiting for touch of 1.12 followed by correction to 1.1157, from where we will again wait for a new northern wave in the direction of 1.1225-1.1246

Trading solutions: Buy from 1.1157 to 1.1225-1.1246

Aleksey Panasenko
FreshForex Analyst
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