Looking for the entry points after NPF release

07 October 2016, EUR/USD

Daily chart: southern accumulation is about to give results. Now everything is aiming to break the lower Bollinger envelope, after which another pullback to the middle Bollinger band (1.1207) will be possible. But the charge of ADX is so strong that such a high correction may not happen.

Traders need to look for downward entry points on this correction, rather than a chance of success in purchases. However, there is another factor today: release of NFP data that usually leads to an unpredictable outcome.

Н4: a few bars outside of the envelope - a correctional karma. Resistance is 1.1184 (middle Bollinger band), from where sale can be re-considered.

Н1: at this local frame the pair is consolidated within the lower envelope (1.1102-1.1149), but of course, this is very short range for today

The main scenario - a rollback to 1.1149-1.1184 and then drop to the 10th figure (and possibly below)

The alternative scenario - fall without any rollback to the 9th figure

Trading solutions: look for downward entry points after the NFP (we assume - around 1.1149-1.1184).

Aleksey Panasenko
FreshForex Analyst
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