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An upward reversal is still expected as the price is falling

20 October 2016, EUR/USD

Daily chart: the lower Bollinger band fell to 1.0927 and now it there is a target for sellers. In addition, there is a strong support zone, which obviously provides a significant demand for euro.

Н4: yesterday a bullish convergence of the oscillator became better expressed, so we are waiting for reversal to the level of 1.0956 (the lower Bollinger band), or from the day support 1.0927.

Н1: strong support is around 1.0962 (the lower Bollinger band), but enhanced parameters of ADX can talk about a break below

The main scenario: drop to ​​1.0927 and an intense upward reversal

The alternative scenario: touch of 1.0962 followed by ann upward reversal

Trading solutions: look for the upward entries in the areas of 1.0962 and 1.0927

Aleksey Panasenko
Analyst of «FreshForex» company
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