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Another prick of 1.0950 and an upward reversal

19 October 2016, EUR/USD

Daily chart: ADX is getting even stronger as the price is nearing 1.0950 - a strong support zone, thus, we can expect an upward reversal. At least, we should track possible Long signals at this area.

Another prick of 1.0950 and an upward reversal

Н4: a common situation for bullish convergence of the oscillator: an attempt to avoid formation of a new Low, that, in fact, just strengthens a reversal momentum. An indirect confirmation of this is weak ADX.

Another prick of 1.0950 and an upward reversal

Н1: local ADX pressure in favor of sellers is still maintained. Support is in the same area - 1.0950-1.0962 (lower Bollinger band).

Another prick of 1.0950 and an upward reversal

Expectations: finalization of 1.0950 - 1.0962 (with possible pricks much lower, but with an intense upward return) and then start of correction

Solutions: search for Buy signals around 1.0950 - 1.0962.

Aleksey Panasenko
FreshForex Analyst
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