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Looking for the place for an upward reversal

22 November 2016, EUR/USD

Daily chart: the lower Bollinger band sank to 1.0536, which is the relevant target for sellers (and start of a possible upward correction). ADX is attacking in favor of bears

Looking for the place for an upward reversal

Н4: a better shaped support is at 1.0550 (lower Bollinger band). Reistance is the upper line of Bollinger (1.0714)

Looking for the place for an upward reversal

Н1: a local bullish reversal Over&Under pattern with the entrance area 1.0580, which is quite an attractive stop, but the price may take a deeper decline which we noted on bigger charts.

Looking for the place for an upward reversal

The main scenario - decline to 1.0580 and then upward start to 1.058 and 1.0714

The alternative scenario - a deeper decline to 1.0536-1.0550

Trading solutions:

1. Looking for Buying options around 1.0580 and 1.0536-1.0550.

2. Purchases from 1.2378 to 1.2470.

analytic
FreshForex Analyst
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