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Correction towards 1.1056 is on

Correction towards 1.1056 is on | 18 October 2016

18 October 2016, EUR/USD

Daily chart: the upward correction started: Bears managed to hold the support from the lower Bollinger band (1.0967) and now in the medium run the way toward the middle Bollinger band (1.1153) is open.

Н4: another sign of weakening of thelocal bearish front is bullish convergence of the oscillator. Support is 1.0967 (the lower Bollinger band). Resistance is around 1.1056 (upper Bollinger band).

Н1: a better shaped support is 1.0990 (middle Bollinger band), this is where we can find buy signals in the direction of 1.1056.

The main scenario - a rollback to 1.0990 and then rise to 1.1056, The alternative scenario - a deeper pullback down to 1.0967 and then test in the upper part to 1.1056

Trading solutions: look for the upward entry points around 1.0990 and 1.0967

Aleksey Panasenko
FreshForex Analyst
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