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Buy on a decline to 1.1122

11 August 2016, EUR/USD

Daily chart: ADX is growing and is close to the trend area, so we can expect periods of volatility. Meanwhile the price is concentrated inside the upper Bollinger envelope (1.1090-1.1222)

Н4: local support 1.1122 (middle Bollinger band), from where bulls, upon breakthrough of the upper envelope, may "shoot" up to 1.1200-1.1222.

Н1: a local trending bearish accumulation towards 1.1122.

Expectations: decline towards 1.1122 and then rebound towards 1.12

Solutions:

1. Sales to 1.1122

2. Buy from 1.1122 to 1.12

Aleksey Panasenko
FreshForex Analyst
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