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Possible corrective growth towards 1.1180

14 October 2016, EUR/USD

Daily chart: an upward correction has started, and now we can expect movement in the direction of the middle Bollinger band (1.1180)

Н4: an intermediate resistance is at the middle Bollinger band (1.1068). Bulls need to break it to open the way to 1.1180 (merging of the day middle band and upper Bollinger band on H4). ADX contradicts RSI is protivohod that suggests a corrective potential (rather than trending).

Н1: at this local frame there is bullish trend potential, which confirms the growth scenario towards 1.1180 if the buyers break above 1.1068. Support is at the middle Bollinger band (1.1027), where a perfect zone for the upward entries can be found. But such a downward pullback can hardly be expected.

The main scenario - surge to 1.1180 (on a break above 1.1068)

The alternative scenario - touch of 1.1068 and then pullback to 1.1027, where buying options can be considered again.

Trading solutions: purchases to 1.1180

Aleksey Panasenko
FreshForex Analyst
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