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A high probability of correction from 1.1074

30 May 2016, EUR/USD

Daily chart: bears continue to lower the price in the direction of the pivot zone 1.10, below which it may fall to 1.0817 (see the purple arrow). ADX in a very active phase, so getting under 1.10 is a very likely event.

A high probability of correction from 1.1074

Н4: bullish convergence of the oscillator indicatesweakening of the local pressure and anticipates the upward correction. Resistance is at 1.1150 (middle Bollinger band).

A high probability of correction from 1.1074

Н1: local support is in the area of ​​1.1074 (the lower Bollinger band). You can notice oversoldness, so we confirm correction scenario to 1.1128-1.1150 as the core one.

A high probability of correction from 1.1074

Expectations: The main scenario - decline to 1.1074 and then a rollback to 1.1128 - 1.1150

The alternative scenario - decline to 1.10

Trading solutions: 1 Sales to 1.1074 2. Buy from 1.1074 to 1.1128-1.1150

Aleksey Panasenko
Analyst of «FreshForex» company
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