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Any surprises are possible

Any surprises are possible | 19 December 2016

19 December 2016, EUR/USD

Daily chart: there is a bullish inside bar along with distinct oscillator convergence. On the one hand, all of these is a strong signal for upward reversal, on the other hand, we see a very strong ADX and (which is worse) breakout of lower Bollinger envelope (this is, in its turn, a signal of continuing decline). That's why any surprises are possible.

Any surprises are possible

Н4: lower Bollinger band (1.0346) still doesn't confirm upward reversal, so touch in this range is highly likely. Resistance level is 1.0530 (middle Bollinger band)

Any surprises are possible

Н1: there is no trend potential for a rise towards 1.0530 yet, so the day might see multidirectional fluctuations between 1.0412 and 1.0463.

Any surprises are possible

Expectations:

Core scenario - jumpy flat in 1.0412-1.0463

Alternative scenario - a rise towards 1.0530, and later traders might try to sell towards 1.0346 in mid-terms.

Solutions:

1. Buy in the range from 1.0412 to 1.0530

2. Limited selling in the range from 1.0530 to 1.0346.

Aleksey Panasenko
FreshForex Analyst
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