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Where would market go after yesterday's bear inside bar?

Where would market go after yesterday's bear inside bar? | 07 December 2016

07 December 2016, EUR/USD

Daily chart: previous day ended with bear inside bar, so sellers can open positions in direction of lower Bollinger band (1.0456, see red arrow). However, in the same frame pre-test of upper band is possible (1.0941, see blue arrow)

Where would market go after yesterday's bear inside bar?

Н4: local support level is on middle Bollinger band (1.0701). In case of its breakout shift towards 1.0578 (lower Bollinger band) will be possible. If bulls manage to keep this level, there might be shift towards 1.0809.

Where would market go after yesterday's bear inside bar?

Н1: during the day price is pressed between Bollinger bands (1.0701-.1.0749), and, considering weak ADX, flat in the marked corridor is possible (see yellow area)

Where would market go after yesterday's bear inside bar?

Expectations: there are two equal scenarios. The first one is breakout of support level 1.0701 and start of dropping towards 1.0578. The second one is upward shift to 1.0701 in direction of 1.0749 and, perhaps, 1.0809.

Solutions:

1. Sell at breakout from around 1.0701 to 1.0578

2. Buy starting from 1.0701 (if signals will be confirmed)

Aleksey Panasenko
FreshForex Analyst
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