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Drop to 1.0580 and later rise again

Drop to 1.0580 and later rise again | 13 January 2017

13 January 2017, EUR/USD

Daily chart: bulls have broken strategically important upper Bollinger band (1.0632) and shaped reversal Over&Under pattern with upward entry point in 1.0350. One might expect downward reversal and a drop to the indicated area. Moreover, ADX is passive yet and is not supportive of buyers' intentions.

Drop to 1.0580 and later rise again

Н4: there is technical downward correction towards supports of 1.0580 and 1.0500 (middle and lower Bollinger band). One may try to start rising from any of these levels.

Drop to 1.0580 and later rise again

Н1: localized support level is on lower Bollinger band (1.0580). Bears are unlikely to break it and go further down.

Drop to 1.0580 and later rise again

Expectations: we would expect a drop to 1.0580 and later a new rise towards 1.0651

Solutions: consider looking for upward entries around 1.0580 (in case of long signals in this area).

Aleksey Panasenko
FreshForex Analyst
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