Looking for correction signals around 1.0680-1.0700
16 November 2016, EUR/USD
Daily chart: bears saved their potential and prevented an upward correction. The oscillator still shows signs of convergence and ADX is not in the trend area. The possibility of a pullback is still here. For example, from the round level 1.07.
Н4: support is at the lower Bollinger band (1.0680) and, as we see, ADX is corrective, which makes it a rebound much likely. Resistance is at 1.0817 (middle Bollinger band)
Н1: at this local frame, the pair is in the horizontal flat corridor 1.0700-1.0800 (the range of Bollinger envelopes). ADX is weak and corrective, so the flat can be maintained.
The main scenario - flat 1.0700-1.0800
The alternative scenario - decline to 1.0680 and then a rebound towards 1.08
Trading solutions: So, we should look for the upward entries to 1.0680 -1.0700. The overall trend is still top-down, so we can entrer on the upward correction only after the signal at H1 is formed.
Aleksey PanasenkoAnalyst of «FreshForex» company
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