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New lows and an upward reversal

21 September 2016, EUR/USD

Daily chart: drop in the direction of the lower Bollinger band (1.1110) as ADX is moving up. But it is far from the active trend zone, so a break below is not expected.

New lows and an upward reversal

Н4: support is at 1.1113 (lower Bollinger band). ADX is growing, but has not reached trend levels yet. The oscillator has signs of convergence, so there is quite a high probability of bounce and upward reversal.

New lows and an upward reversal

Н1: bullish convergence, but ADX is under pressure, so we are waiting for new lows and then an upward reversal.

New lows and an upward reversal

The main scenario - drop to 1.1110-1.1113 followed by an upward reversal to 1.1157

The alternative scenario - prick to the 10th figure to remove stop orders of players and then an upward reversal. Uner this scenario, choice of correct levels for stop orders is very problematic

Trading solutions: look for Buy signal in the areas provided in scenarios and then enter up.

Aleksey Panasenko
FreshForex Analyst
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