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The two ways are possible

11 October 2016, EUR/USD

Daily chart: ADX is in active zone in favor of buyers, and now resistance 104.19 (upper band) is under the threat.

Н4: ADX is correcting, but is still in the trend area, so the attack may take place at any moment. In the meantime, based on correcting status of ADX, we can assume that resistance will be maintained around 104.12.

The two ways are possible

Н1: we confirm resistance around 103.96-104.12. ADX contradicts to RSI indicating a local inability of the price to break above this zone.

The two ways are possible

The main scenario - upward movement in towards resistance 103.96-104.12 and then a downward correction towards 103.36 (the middle Bollinger band on H1)

The alternative scenario - breakthrough to 105.00 (on breakout of resistance 104.12)


1. Sales from 104.12 to 103.36

2. Buy to 105.00 (under the alternative scenario)

Analyst of «FreshForex» company
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