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Decline to 1.1147

04 October 2016, EUR/USD

Daily chart: trading continues within the horizontal channel 1.1147 - 1.1285 (the range of Bollinger envelopes). Now the pair is in its downward phase, so we expect a decline to 1.1147. But the flat does not mean an often touch of its borders, so we should not be greedy about possible profit.

Н4: a very active trend ADX, which can also mean readiness of bears to attack the lower envelope and reach 1.1147.

Н1: to some extend, the pair is oversold but here ADX is aggressively growing, so we expect a fall by 50 points.

Expectations: drop to ​​1.1147 and then an upward bounce

Solutions: sales to 1.1147 and then we can look for buy signals in this area.

Aleksey Panasenko
Analyst of «FreshForex» company
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