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Bears still dominate, but an upward rollback is possible

Bears still dominate, but an upward rollback is possible | 12 October 2016

12 October 2016, EUR/USD

Daily chart: the pair has predictably got beyond the bottom envelope against enhanced trend activity of ADX. Now it is expected to finalize drop to ​​1.0967. This setup can be implemented afrer a pre-return to the middle Bollinger band (1.1190)

Н4: also very active ADX, but since the price is heavily oversold and the row bars outside of envelopes, the upward correction is possible. Resistance is shaped better: 1.1138 (middle Bollinger band)

Н1: first signs of bullish convergence of the oscillator, which also enables the upward correction to recover bearish potential. Resistance is at 1.1092 (middle Bollinger Band), support is at 1.1028 (bottom band)

The main scenario - finalization of 1.1000-1.1028 and then rolled back upan upward rollback towards 1.1092

The alternative scenario - the lowering of the pair to the 9th figure to 1.0967

1. Look for possible upward entries around ​​1.10 if there are long-signals at this level. The target is 1.1092

2. Look for Sell options around 1.1092-1.1100.

Aleksey Panasenko
FreshForex Analyst
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