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Decline to 1.1046 is expected

30 August 2016, EUR/USD

Daily chart: apparently, the pair is getting ready to finalize the bottom of the range 1.1046 - 1.1367 described by Bollinger envelopes. ADX is in the active zone, but is does growing, but going through correction. Therefore, one-way movement is not expected.

Н4: local support is at 1.1136 (bottom Bollinger band). If bears cope with this level, then drop to 1.1046 will start, because ADX is rising (though it is still far from the trendline area)

Н1: confirmation of bearish local potential - active ADX favors sellers. We are waiting for break of support 1.1159 and attack of 1.1136. Apparently, this attack will be successful

Expectations: now we are waiting for fall to 1.1036 and then to 1.1046 (this target may take more than one day to be reached)

Solutions: sales to 1.104

Aleksey Panasenko
FreshForex Analyst
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