Bearish accumulation

11 July 2016, EUR/USD

Daily chart: we observe accumulation of bearish potential, as ADX is far from the trendline area, so far we're waiting for the movement with upward pullbacks and support at the bottom Bollinger band (1.0980)

Н4: a better shaped support at 1.1023 (the bottom Bollinger band), resistance is at 1.1080 (middle band)

Н1: a flat corridor 1.1023-1.1080. ADX is rising, but it has not reached the trend area.

The alternative scenario - decline to 1.0980

Solutions: look for the downward entry points on corrections at 1.1080

Aleksey Panasenko
FreshForex Analyst
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