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Drop towards 1.0572

Drop towards 1.0572 | 19 January 2017

19 January 2017, EUR/USD

Daily chart: the day is going to be closed by bearish inside bar, this will cause decline. Decline, in its turn, matches the general Over&Under pattern. Testing of the pattern is likely to begin around 1.0346.

Drop towards 1.0572

Н4: localized support level is in 1.0572 region (lower Bollinger band). This is a strong level and ADX doesn't put pressure on it, so this support might prevent the pair from going further.

Drop towards 1.0572

Н1: There is a strong down move signal! We are observing lower Bollinger envelope break ans active ADX. Sell towards 1.0572! The best entry point is from middle Bollinger band (1.0678), however, nobody knows, whether such substantial correction would be allowed or not.

Drop towards 1.0572

Expectations: one may expect decline to 1.0572 (possibly with a prior correction to the upside towards 1.0678)

Solutions: consider selling towards 1.0572 (the best entry point is at 1.0678)

Aleksey Panasenko
FreshForex Analyst
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