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A continued drop

A continued drop | 06 July 2016

06 July 2016, EUR/USD

Daily chart: ADX is not strong enough yet, but the momentum is obviosly bearish, so we expect finalization of the lower Bollinger band (1.0995)

Н4: very weak ADX, which could lead to correction to the middle Bollinger band (1.1113), from wherea new wave to South is expected to come.

Н1: strong local ADX and goal - 1.1051 (the lower Bollinger band) .

Expectations: The main scenario - decline to 1.1051 and then an upward bounce

The alternative scenario - decline to 1.0985

Solutions: sale to 1.1051 and to 1.0995

Aleksey Panasenko
FreshForex Analyst
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