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Today key region is 1.0561

Today key region is 1.0561 | 21 February 2017

21 February 2017, EUR/USD

Daily chart: the pair is edging towards the upward enrtry point within local bullish Over&Under pattern that we specified yesterday (1.0561). However, this is happening at extremely high ADX parameters, which can be favorable for bears. If lows will be broken, euro may start falling farther down (see dark arrow).

Today key region is 1.0561

Н4: here we have similar situation but ADX is not trending yet. That's why bounce from 1.0561 followed by rise towards 1.0800 may be expected, although alternative is still the same: if the pair reaches new lows, we may see new downward rally.

Today key region is 1.0561

Н1: as we may see, bulls are in charge of this time frame: the price approaches 1.0561 region by corrective ADX, so consider setting upward limited orders.

Today key region is 1.0561

Expectations:

Core scenario - touch of 1.0561 followed by rise towards 1.08

Alternative scenario - fall below 1.05

Solutions:

1. Consider buying from 1.0561 to 1.08 (in mid-term)

Aleksey Panasenko
FreshForex Analyst
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