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A downward rebound from 1.1207 is expected

22 September 2016, EUR/USD

Daily chart: the lower Bollinger band (1.1118) has held the bearish front, confirming continuation of the flat within the Bollinger envelopes (1.1118-1.1305). Now the flat is rising, so it makes a sense to look for upward trading options. ADX is corrective, so do not expect a unidirectional impulse distribution.

A downward rebound from 1.1207 is expected

Н4: local resistance is at the upper Bollinger band (1.1207), above which bulls are unlikely to go, because ADX is falling. But if this happens, the price can surge to 1.1305.

A downward rebound from 1.1207 is expected

Н1: I definitively confirm strength of resistance 1.1207 - ADX contradicts to RSI, so we are waiting for a downward rebound towards 1.1155 (middle Bollinger band)

A downward rebound from 1.1207 is expected

Expectations: Now we are waiting for growth to 1.1207 and then a downward bounce to 1.1155

Solutions: sales from 1.1207 to 1.1155.

Aleksey Panasenko
FreshForex Analyst
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