Wait and See Price Reaction on Resistance at 1.0728 | 13 March 2017

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).

Wait and See Price Reaction on Resistance at 1.0728

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.

Wait and See Price Reaction on Resistance at 1.0728

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.

Wait and See Price Reaction on Resistance at 1.0728

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.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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