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A new start of surge is possible

A new start of surge is possible | 03 August 2016

03 August 2016, EUR/USD

Daily chart: very active trend ADX is in favor of buyers. On breakthrough of the upper envelope a certain downward rollback is possible. The targets for this week - 1.1335 and 1.1400

Н4: local support is at 1.1167 (middle Bollinger band), resistance is at 1.1256 (upper band)

Н1: the trading range inside Bollinger envelopes (1.1194 - 1.1231). ADX is also in the active zone, so growth may start from current levels.

The main scenario - surge from the current levels to 1.1231 and 1.1256 (with an eye to 1.1335)

The alternative scenario - a downward rollback to 1.1167, and then beginning of growth

Aleksey Panasenko
FreshForex Analyst
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