Bears keep pushing, bulls can only hope | 21 December 2016

21 December 2016, EUR/USD

Daily chart: ADX is still pressing, that's bad news for those who wait the pair to reverse up for days. Bulls have only oscillator convergence.

Bears keep pushing, bulls can only hope

Н4: here we see more distinct oscillator convergence (as RSI has already created the bottom, unlike in the daily chart). So after another touch of lower Bollinger band (1.0366) we will be able to see that euro is ready for correction.

Bears keep pushing, bulls can only hope

Н1: horizontal flat corridor within Bollinger envelopes (1.0362-1.0416) represents possible borders for today's trading.

Bears keep pushing, bulls can only hope

Expectations:

Core scenario - flat in 1.0362-1.0416

Alternative scenario - decline towards 1.03

Solutions: buy around 1.0362 with little stops (bigger stops will be realized in case of failure anyway) towards 1.0416-1.0429

Aleksey Panasenko
FreshForex Analyst
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