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Market is still looking to South

11 November 2016, EUR/USD

Daily chart: the pair is still within the lower Bollinger envelope (range 1.0818-1.0979) and, on the background of weak ADX, we still can not do anything but wait for certainty of markets

Market is still looking to South

Н4: a local downward trend. Resistance, where an additional supply of the euro can be found, is at the middle Bollinger band (1.0979). Support that can be the goal - to 1.0799 (the lower Bollinger band, plus the round psychological level, where the pair can bought back by big players).

Market is still looking to South

Н1: at this smallest frame the pair is still in the flat within the horizontal band 1.0872-1.0919. ADX is not enough for a breakthrough, so the day may be spent by the price within the specified range.

Market is still looking to South

The main scenario - move to 1.0979 and then the intensive decline towards 1.0800

The alternative scenario - flat 1.0872-1.0919

Trading solutions: consider sale from 1.0979 and purchases from 1.0800. Between these levels entries will be unsafe because of large Stop Loss

Aleksey Panasenko
Analyst of «FreshForex» company
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