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Rollback to 1.0650 Area and Breakout of 1.0800 Expectations

Rollback to 1.0650 Area and Breakout of 1.0800 Expectations | 16 March 2017

16 March 2017, EUR/USD

Daily chart: yesterday bulls managed to significantly push the price up but ADX doesn't support their attempts yet. So we may see local bearish Over&Under pattern starting in 1.0800 area (see blue arrow). Bulls may ensure uptrend only if they make an upward breakout of 1.0840 area.

Rollback to 1.0650 Area and Breakout of 1.0800 Expectations

Н4: upper Bollinger envelope breakout along with weak trend ADX. We expect rollback towards middle Bollinger band (1.0648), which can be followed by 1.0800 area breakout.

Rollback to 1.0650 Area and Breakout of 1.0800 Expectations

Н1: several pinbars beyond Bollinger bands indicate correction. However, on this time frame we have aggressive trend ADX so it may stop the correction from going to far down.

Rollback to 1.0650 Area and Breakout of 1.0800 Expectations

Expectations: in general, further rise to 1.0800, followed by possible rollback to 1.0648 area.

Solutions:

1. Consider buying from 1.0648 to 1.0800

2. Consider setting sell limit orders from 1.0800 with stop-loss above 1.0840.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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