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Looking for upward signals as the pair is falling

17 October 2016, EUR/USD

Daily chart: On Friday Bears squeezed out another bar outside the lower Bollinger envelope than on the one hand, confirmed the downtrend, but on the other - made correction to the middle Bollinger band (1.1167) closer. Now strong support 1.0967 is "under the feet". There probably will be an attempt to push through this level, but, in general, we should expect formation of a signal for an upward reversal.

Н4: pressure from ADX, so we can wait new Lows to be reached. But, at the same time, an ascending correction is also suggested.

Н1: the third time frame shows bears' activity and makes us put up with the southern determination. The price is heavily oversold, therefore, most likely, we will not see the pair below 1.09.

Expectations: we expect signal of the upward correction after new lows will be reached. Perhaps zone 1.09 will be touched.

Solutions: track the movement down on H1 chart and look for Long signals (approximately - around 1.09)

Aleksey Panasenko
FreshForex Analyst
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