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New Bearish Attack Possible

10 April 2017, EUR/USD

Daily chart: we are observing very active trending ADX, that may mean preparing breakout of support level at 1.0563 (lower Bollinger band). The next targets in mid-term are likely to be levels 1.05 and 1.0465 (in case of this scenario) aiming at 1.0352, where significant demand may be within bullish Over&Under pattern.

New Bearish Attack Possible

Н4: 5 pinbars beyond Bollinger envelopes borders is correction signal. Correction is likely to reach middle Bollinger band (1.0643), from there one may consider selling to 1.0563 or lower again.

New Bearish Attack Possible

Н1: as we may see resistance in 1.0600 area is quite strong creating bearish inside bar. Bears may attack immediately.

New Bearish Attack Possible

Expectations:

Core scenario - upside rollback to 1.0643 region followed by drop to 1.0563

Alternative scenario - direct drop to 1.05 or lower to 1.0465

Trading signals: consider entering short (the best entry point is 1.0643)

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Aleksey Panasenko
FreshForex Analyst
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