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Expecting an upward correction

Expecting an upward correction | 15 November 2016

15 November 2016, EUR/USD

Daily chart: Bollinger envelope has been broken, which is a strong bearish signal. But we must point to convergence of bullish oscillator and a hint of the inside bar at the end of the day. All this may cause upward correction toward the middle Bollinger band (1.0945)

Н4: the bottom Bollinger band still leaves a room for drop to 1.0714 but momentum is bullish now. Resistance is at 1.0842 (middle Bollinger band)

Н1: a local flat corridor 1.0713-1.0779 (envelopes, Bollinger band). ADX is weak, although buyers are active by the time of release of my review.

Expectations: correction towards 1.0842

Solutions: buy towards 1.0842.

Aleksey Panasenko
FreshForex Analyst
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