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Decline towards 1.0613

Decline towards 1.0613 | 30 January 2017

30 January 2017, EUR/USD

Daily chart: we are observing downside correction towards support level at 1.0613 (middle Bollinger band). This support level is a potential starting point of new rise towards 1.0801 (upper Bollinger band).

Decline towards 1.0613

Н4: here we have active trending ADX, so we are likely to see breakout of 1.0613.

Decline towards 1.0613

Н1: localized support level in lower Bollinger band region (1.0651), is likely to be under pressure because on this chart ADX is very aggressive and trending. So despite of red arrow scenario (rollback towards 1.0684 and 1.0724), we are expecting the core scenario of decline to 1.0613 (blue arrow)

Decline towards 1.0613

Expectations:

Core scenario - decline to 1.0613

Alternative scenario - upside rollback from 1.0651 to 1.0684 and 1.0724

Solutions: consider selling to 1.0613

Aleksey Panasenko
FreshForex Analyst
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