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We should skip 1.1258 and sell again

29 August 2016, EUR/USD

Daily chart: the pair is in a broad 300-points range 1.1051 - 1.1367 within Bollinger envelopes, being based in the most inopportune place for trading - exactly in the middle of this range. Let us look for better entries at the smaller charts.

Н4: breakthrough of the bottom Bollinger envelope is the pattern, which can make the price roll to the middle band (1.1276), from where it can take a new peak towards 1.1051.

Н1: a better shaped resistance 1.1258 (middle Bollinger band), support - 1.1174 (lower band). The pair is heavily oversold, so correction to 1.1258 is very likely event.

Expectations: an upward rollback to 1.1258, from where a new decline towards 1.1174 can take place

Solutions: sales from 1.1258 to 1.1174

Aleksey Panasenko
FreshForex Analyst
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