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Upward reversal around 1.1103 - 1.1131 is possible

31 August 2016, EUR/USD

Daily chart: ADX has moved into an active phase, and this activity can be related to both sellers and buyers. The bottom Bollinger band is at 1.1049 and serves as the target as local structure of the chart remains to be rising.

Upward reversal around 1.1103 - 1.1131 is possible

Н4: also an aggressive trend status ADX. Support is at 1.1103 (bottom Bollinger band, plus the round psychological level)

Upward reversal around 1.1103 - 1.1131 is possible

Н1: and here, in turn, there are signs of an upward reversal (in particular - bullish convergence of the oscillator). The price is sandwiched between the levels of 1.1131 and 1.1182, between which it is likely to be traded.

Upward reversal around 1.1103 - 1.1131 is possible

The main scenario - decline towards 1.1131 and then upward correction to 1.1182

The alternative scenario - decline to 1.1103, then an upward correction

Trading solutions: look for upward signals around 1.1131 and 1.1103

Aleksey Panasenko
FreshForex Analyst
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