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Bearish potential is going to exhaust

Bearish potential is going to exhaust | 13 October 2016

13 October 2016, EUR/USD

Daily chart: ADX is very active. Bulls failed to get the price corrected to ​​the middle Bollinger band (1.1187). Now the pair is about to test support 1.0967, from where a certain upward correction will take place.

Н4: the pair is heavily oversold, anticipating a start of an upward pullback towards the middle Bollinger band (1.1110). ADX is reversing in favor of bulls, so sellers do not have much strength. I would recommend buyers to act only on the basis upward signals before considering possible transactions.

Н1: bullish convergence of the oscillator also means exhaustion bearish potential. The intermediate support is 1.0996, which also can demonstrate demand in the euro.

The main scenario - decline to 1.0967 and start of rising correction

The alternative scenario - touch of 1.0996, and bounce towards 1.1029 and 1.11

Trading solutions: search for upward signals to 1.0996 and 1.0967.

Aleksey Panasenko
FreshForex Analyst
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