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Bears can take the euro to the 10th figure

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.

Aleksey Panasenko
FreshForex Analyst
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