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Looking for the local areas, where an upward reversal may start

31 May 2016, EUR/USD

Daily chart: the bearish scenario still prevails, cause the envelopes are inclined towards the lower Bollinger band 1.1027, ADX in the active zone, but its behaviour is corrective. This ambiguity can lead to a rollback to the middle band (1.1296), but at the same time putting money on growth is difficult, since finalization of 1.1027 is the prevailing option.

Н4: and here, in its turn, we notice weakening of the bearish front against the backdrop of severe convergence of the oscillator. Support 1.1098-1.11 may identify a sufficient demand in euro with the goal 1.1211 (upper Bollinger band)

Н1: the local support is at 1.1125 (lower Bollinger band).

Expectations: The main scenario - fall to 1.11 and then surge to 1.1211 (target is likely to be reached tomorrow)

The alternative scenario - a higher level of rebound (from 1.1125)

Trading solutions: and now, we waiting for a signal to Buy on H1 around 1.11 and 1.1125 and then buy to 1.1211

Aleksey Panasenko
Analyst of «FreshForex» company
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