Euro. Waiting for new highs and then a downward correction
03 November 2016, EUR/USD
Daily chart: the pair confidently displayed in the upper Bollinger envelope and now the goal is the upper band (1.1217). Downward correction is likely to appear soon.
H4: there is bullish potential. But the high overbought, so the case is obviously closer to the downward pullback toward the middle Bollinger band (1.1105, 1.1029).
H1: finally confirmed by a local weakening of bullish front, as evidenced by bearish divergence. Waiting for the approval of new highs, and then the beginning of a downward correction.
Expectations:so, we wait for retest of 1.1200-1.1217 zone and then the start of a downward rollback.
Long positions to 1.1200-1.1217 Short from 1.1200-1.1217 to 1.1105.
Aleksey PanasenkoAnalyst of «FreshForex» company
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