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Flat range

22 July 2016, EUR/USD

Daily chart: ragged flat within the bottom Bollinger envelope (1.0929-1.1086). ADX is very weak and corrective, which means there are no prerequisites for changing the situation.

Н4: a better shaped horizontal corridor 1.0983-1.1086

Н1: an even better shaped flat range 1.0997-1.1040. If the corridor is broken, bulls will be able to get the price corrected to 1.1086 (See the red arrow).

The main scenario - flat 1.0997-1.1040

The alternative scenario - a wider range, 1.10-1.1086

Solutions: purchase to 1.1086 and sale from 1.1086 are both possible. We need to be careful, because borders of the range may not be tested, making setting TakeProfit and Stop Loss orders difficult

Aleksey Panasenko
Analyst of «FreshForex» company
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