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Downward phase of the flat

03 October 2016, EUR/USD

Daily chart: omnidirectional horizontal range is within Bollinger envelopes (1.1142-1.1285). ADX is passive, so we are waiting for continuation of the flat. The pair is close to the upper border, it is wise to wait for touch of 1.1285 to run into sales.

Downward phase of the flat

Н4: here is the same situation. ADX is passive and corrective, so bulls won't lift the pair above 1.1244. Support is at at 1.1185 (lower Bollinger band)

Downward phase of the flat

Н1: here the upper Bollinger band still holds potential for growth around ​​1.1265, but drop in the direction of 1.1185-1.1160 is more probable.

Downward phase of the flat

The main scenario: a drop from current levels to 1.1185 and possibly to 1.1160

The alternative scenario: one more touch of the area around 1.1265 and then fall towards 1.1185

Trading solutions: sell to 1.1185 and 1.1160.

Aleksey Panasenko
Analyst of «FreshForex» company
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