Reaching downward reversal | 05 ديسمبر 2016

Daily chart: there is a downward correction potential in direction of middle Bollinger band (109.56), although those, who seek reversal should be careful - upper line 116.71 is still to be touched.

Н4: the price is locally in horizontal corridor 112.19-114.93 (Bollinger envelopes range). There is also bear oscillator divergence, that means the end (or exhaustiveness) of uptrend and bullish pressure.

Н1: ADX is growing but still weak, though current movement looks like a downward one. Resistance level is on the middle Bollinger band (113.80)

Expectations:

Core scenario - flat in 113.50-113.80

Alternative scenario - drop towards 112.19.

Solutions: sell around 113.80 in direction of 112.19.