A flat day
23 November 2016, EUR/USD
Daily chart: the lower Bollinger band has dropped again - now to 1.0523, which is the relevant target for sellers. The structure of correction is twofold. On the one hand, it already looks formed (and the pair may fall deeper), and on the other hand - potential of possible continuation of correction is as big (to the middle Bollinger band, 1.0866). Therefore, if you trade on downward trend, you must wait for confirming signals on the smaller charts.
Н4: very weak ADX, and meanwhile the pair is accumulating potential within the flat1.0582-1.0652 (the range of Bollinger envelopes)
Н1: a better shaped flat более - 1.0602-1.0652. ADX is also weak; so flat is expected to continue.
Expectations: a flat day within the corridor 1.0602-1.0652
Solutions: consider downward entry points around 1.0652.
Aleksey PanasenkoAnalyst of «FreshForex» company
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