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Euro. Bulls have a chance to make a correction

Euro. Bulls have a chance to make a correction | 24 October 2016

24 October 2016, EUR/USD

Daily chart: the bearish momentum is stored as graphics, and extreme areas have two main viewpoint indicators (ADX/RSI). Lower Bollinger band is at 1.0858, which is not too impressive for new trades with the trend.

1

H4: we note the bullish convergence of the oscillator on the background of closed bullish bar. This may create a correction towards middle Bollinger band (1.0943).

2

H1: we see that the oscillator is not duplicated a new low of the price, so, in general we expect the upside reversal after the possible touching 1.0858.

3

Resistance is located at 1.0918 (upper Bollinger band).

Expectations: So, wait for a turn up to 1.0918 (and possibly to 1.0943) after touching 1.0858 zone.

Trading solutions: buy from 1.0858 to 1.0918 and 1.0943

Aleksey Panasenko
FreshForex Analyst
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