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Ready for bullish distribution

02 August 2016, EUR/USD

Daily chart: ADX in a very active phase, so we can expect beginning of a bullish momentum towards 1.1335.

Н4: local resistance is at 1.1217 (upper Bollinger band), from where a correction may start towards the middle band (1.1129).

Н1: at this local level, we also have a bullish accumulation and readiness for distribution.

The main scenario - growth to 1.1339

The alternative scenario - surge to 1.1217, then correction to 1.1129

Trading solutions: We consider buying to 1.1339 (and monitor how the price reacts to the resistance zone 1.1217 to possibly settle in profit there)

Aleksey Panasenko
Analyst of «FreshForex» company
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