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Weakening of the bullish front

19 August 2016, EUR/USD

Daily chart: 1.1400 - 1.1417 area remains unfinished, but there are the first signs of weakening of bullish movement: ADX/RSI is very close to become heavily overbought

Н4: a better shaped resistance 1.1378 (upper Bollinger band), support is at 1.1283 (the middle band)

Н1: ADX contradicts RSI, which is also a signs of weakening of bullish movement: Zone 1.1362 - 1.1378 may be not passed by them today. Local support is at 1.1334 and 1.1308 (middle and bottom Bollinger bands)

The main scenario - touch of zone 1.1362 - 1.1378 and then correction towards 1.1308

The alternative scenario - surge to 1.1417 and then turn down

Solutions: purchases are unsafe, so keep an eye on short signals around 1.1362 - 1.1378 and 1.1417

FreshForex Analyst
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