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Couple of Scenarios for Today

01 December 2016, EUR/USD

Daily chart: the pair keeps going stably down to 1.0374 (lower Bollinger band). Correction might be also possible around 1.0760 (middle band)

Н4: growing ADX indicates that ranges of 1.0664 and possibly 1.0760 will be tested. Support levels are 1.0607, 1.0565, 1.0523.

Н1: local resistance level is 1.0644. As you can see here ADX is more agressive but the direction of movement is not clear yet (not considering the obvious advantage of current trend leaders bears)

Expectations:

Core scenario - touch in 1.0644 after what drop to 1.0569

Alternative scenario - breakout towards 1.0760

Solutions: seek for downward entry points around 1.0644 and, perhaps, 1.0760 (in case of alternative scenario)

Aleksey Panasenko
Analyst of «FreshForex» company
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