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Decline towards 1.2689 and then correction is possible

05 October 2016, EUR/USD

Daily chart: sellers have lowered support from bottom Bollinger band even more and now the potential demand (which is dynamic) in pound is at the "round" level 1.2700. But we see that ADX turned into an abrupt growth, so no purchases can be discussed now.

Н4: the oscillator shows that the pair is heavily oversold. So we expect the first attempts to force the support 1.2700.

Н1: bottom Bollinger bandis at 1.2689 - a Sell target will be right there now. The pair is heavily oversold here as well, so an upward correction to a certain extend will be relevant. (we assume to the middle Bollinger band 1.2773)

Expectations: fall to 1.2689 and then an upward rollback towards 1.2773

Solutions: 1 Sales to 1.2689

2. Buy from 1.2689 to 1.2773 (only if we get a clear signal on H1 chart).

FreshForex Analyst
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