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Earn 80 pips on decline

Earn 80 pips on decline | 11 January 2017

11 January 2017, EUR/USD

Daily chart: there is a valid resistance level on upper Bollinger band (1.0638) and despite of the weak ADX, the pair is more likely to drop towards supports of 1.0486 and 1.0340 (middle and lower Bollinger bands)

Earn 80 pips on decline

Н4: the more localized support level is on psychological round level of 1.0503 (lower Bollinger band)

Earn 80 pips on decline

Н1: ADX is edging but it hasn't reached trend state yet. In case of a drop I would expect the pair to break lower envelope (level of 1.0547) then to go back to middle Bollinger band (1.0583) and later to start major declining phase (see red arrow)

Earn 80 pips on decline

Expectations: possible drop to 1.0503 following zigzag of 1.0530-1.0583-1.0503

Solutions: consider selling in the range from 1.0583 to 1.0503

Aleksey Panasenko
FreshForex Analyst
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