Flat 1.1200 - 1.1240

29 September 2016, EUR/USD

Daily chart: the flat channel 1.1135-1.1282 (Bollinger envelopes), rotating around the middle Bollinger band (1.1220). ADX is weak and corrective, so we are waiting for continuation of this trend.

Н4:a better shaped horizontal corridor 1.1197-1.1259 (Bollinger envelopes). It is similar to the daily chart and conclusions are the same.

Н1: support is at (lower Bollinger band, plus round psychological level). Resistance is better shaped - 1.1240 (upper Bollinger band)

Expectations:drop to ​​1.1197 and then rise to 1.1240

Solutions: look for buying options in the area 1.1197 and take profit around 1.1240.

Aleksey Panasenko
FreshForex Analyst
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