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A takeoff to 1.12 and a new drop

A takeoff to 1.12 and a new drop | 10 August 2016

10 August 2016, EUR/USD

Daily chart: the pair is expressly directed toward the upper Bollinger band (1.1208), and does so on growing ADX

Н4: we remember about the bearish pattern Over&Under around 1.12. So far, support is at the middle band (1.1106), from where you can try to buy.

Н1: a better shaped support 1.1117 (middle Bollinger band)

Expectations: a pullback to 1.1117 followed by a surge to 1.12-1.1208, from where a new phase of drop will begin

Solutions: 1. Buy from 1.12 to 1.1117 2. Sell from around 1.1200 - 1.1208

Aleksey Panasenko
FreshForex Analyst
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