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Drop to 1.1181

22 June 2016, EUR/USD

Daily chart: the pair is predictably going through correction on weak ADX. Thus, our basic expectation is a continued decline towards 1.1072 (the lower Bollinger band) or a flat around ​​the middle band (1.1239)

Н4: a better shaped support from the lower band Bollinger (1.1181) and corrective parameters of ADX as well.

Н1: local ADX parameters are bearish. The pair is consolidated within the lower envelope (1.1239-1.1304), but everything aims to break up to 1.1181

The main scenario - decline to 1.1181 and an upward bounce.

The alternative scenario - touch of 1.1304 followed by decline towards 1.1181

Solutions: Sell to 1.1181 (the best possible way - from 1.1304)

Aleksey Panasenko
FreshForex Analyst
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