Bulls have an advantage

10 October 2016, EUR/USD

Daily chart: a well expressed and sure rebound from the lower Bollinger band was made on Friday. Bulls continued their pressure against rising ADX, that can lead to a much better outlook in the medium run. In the meantime, we are waiting for touch of the upper Bollinger band (1.1270)

Н4: a better shaped resistance level 1.1241 (upper Bollinger band). Here we see passive corrective ADX, suggesting failure to break above.

Н1: growing local trend ADX allow buyers to attack the level 1.1241 . But can bulls get higher? Taking into account H4 chart, so far it is the question.

The main scenario - growth to 1.1241 and then a downward correction towards 1.1147

The alternative scenario - a breakthrough towards 1.1270

Solutions: buy to 1.1241 and possibly to 1.1270 (under the alternative scenario)

Aleksey Panasenko
FreshForex Analyst
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