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Descending correction

21 June 2016, EUR/USD

Daily chart: though bullish momentum seems to be well expressed, we see that the northern capacity is limited - it it confirmed by a corrective ADX

Descending correction

Н4: a technical downward correction in the direction of the middle Bollinger band (1.1269). If such correction gets stronger, it will be possible to wait for a deeper decline to ​​1.1190, where we can see a local bullish pattern Over&Under.

Descending correction

Н1: local support is the bottom Bollinger band (1.1300). It's the last barrier for a deep correction down

Descending correction

Expectations: now, we are waiting for drop to 1.1269 and 1.1239, from where a new attempt of growth is likely to happen

Trading solutions: 1. Sales to 1.1269 and 1.1239

2. Purchase from 1.1239

Aleksey Panasenko
Analyst of «FreshForex» company
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