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Purchases from support 1.1187

07 September 2016, EUR/USD

Daily chart: despite the impressive breakthrough made by bulls yesterday, ADX remains indifferent to what is happening. This could mean a continuation of the current trend towards a ragged flat. But we still recognize the northern momentum, so the target 1.1364 (Upper Bollinger band) looks quite realistic.

Н4: classic bullish pattern "breakthrough of the upper envelope". We expect a rollback to the middle band (1.1187), from where we can open buy trades in the direction of 1.1364

Н1: we confirm support around 1.1187 (middle Bollinger band), whereas the local resistance at 1.1277 (upper band). The indicators are much overbought, so the probability of correction towards 1.1187 is rather high.

Expectations: decline towards 1.1187 and then rise to 1.1277 with an eye to 1.1364

Solutions: purchase from 1.1187 to 1.1277 and 1.1364

Aleksey Panasenko
FreshForex Analyst
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