13 March 2017, EUR/USD
Daily chart: bulls are trying to break upper Bollinger envelope to ensure shift to 1.0773 (see red arrow). However, ADX is weak and doesn't support bullish attempts. If bulls won't manage to push the price, we will see decline to middle Bollinger band region (1.0600, see blue arrow).
Н4: a lot of pinbars beyond upper Bollinger envelope indicates possible upcoming correction to the downside. Key technical indicators are at their extremes causing rollback to the downside too.
Н1: local resistance level in 1.0728 region (upper Bollinger band). ADX is aggressive, so highs are likely to be renewed. However, if 1.0728 will send buyers down, correction may turn into decline towards 1.0667 and 1.0600.
Expectations:
Core scenario - we expect the price to touch 1.0728 and then start dropping to 1.0667 and 1.0600
Alternative scenario - rise to 1.0773.
Solutions:
1. Bears may consider selling from 1.0728
2. Bulls may consider trying to break 1.0773.
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