Bears can take the euro to the 10th figure | 11 October 2016

11 October 2016, EUR/USD

Daily chart: very active trending ADX against strong bearish inside bar may indicate a willingness for a serious breakthrough on a breakdown of the lower envelope.

Н4: also trend status of ADX. Local resistance is 1.1169 (middle Bollinger band). Support is at the lower Bollinger band (1.1113), but this level may be under significant load.

Н1: the pair consolidated within the lower Bollinger envelope (1.1121-1.1162). Here ADX has a trend configuration, too, therefore, the range is going to be broken.

The main scenario - touch of zone around 1.1162 and then drop to the 10th figure

The alternative scenario - a direct drop with no upward correction

Solutions: sales from 1.1162 to the 10th figure.


The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
Aleksey Panasenko
FreshForex Analyst
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