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Bulls have correction chances

Bulls have correction chances | 16 December 2016

16 December 2016, EUR/USD

Daily chart: as we can see it's hard for bears to hold their ground. Oscillator shows bullish convergence (it didn't repeat the price's shift for new lows), that means buyers have a chance to force correction towards middle Bollinger band (1.0606)

Bulls have correction chances

Н4: more localized resistance level is 1.0557 (middle Bollinger band). ADX/RSI bunch treats current movements as technical correction.

Bulls have correction chances

Н1: there is local bullish trend activity. If upper envelope (1.0460) will be broken, there will appear potential of upward movement up to 1.0557. Oscillator has here signs of convergence too.

Bulls have correction chances

Expectations:

Core scenario - upward correction towards 1.0557

Alternative scenario - if the pair will not be able to rise higher than 1.0460, we expect it to decline towards 1.0374.

Solutions:

1. If the pair goes higher than 1.0460 - buy around 1.0557

2. Sell around 1.0557.

Aleksey Panasenko
FreshForex Analyst
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