Support Area of 1.0725-1.0744 Decides Everything | 24 March 2017

24 March 2017, EUR/USD

Daily chart: the pair is in the middle of upper Bollinger envelope (1.0654-1.0840), ADX shows weak and corrective trend. So, today we'll expect either breakout of upper Bollinger band (1.0840) or correction towards middle Bollinger band (1.0654).

Support Area of 1.0725-1.0744 Decides Everything

Н4: there is a strong support level on lower Bollinger band (1.0744). This support insures local uptrend (see blue arrow). If it will be broken, we may see decline towards 1.0654.

Support Area of 1.0725-1.0744 Decides Everything

Н1: there is valid strong support level in area of 1.0725-1.0744. Rebound is highly likely. If bears manage to break this support, it will trigger bullish stop-losses and further drop.

Support Area of 1.0725-1.0744 Decides Everything

Expectations:

Core scenario - we expect the pair to touch 1.0725-1.0744 and rebound towards 1.0777.

Alternative scenario - drop to 1.0654.

Solutions: consider buying from 1.0725-1.0744 area, or selling at this area breakout aiming at 1.0654.

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