Upward correction may be continued | 17 Enero 2017

Daily chart: resistance level 1.2265 is of interest since lower Bollinger envelope was broken. On this resistance level a substantial pound selling demand may be focused.

Н4: there is localized resistance level at 1.2141 (middle Bollinger band). That level may have a potential for starting a new drop to 1.1993 (see red arrow). If 1.2141 will be broken, we might see further correction to 1.2265

Н1: locally we are observing break of upper envelop which matches scenario of further growth towards 1.2265. Preliminary rollback to 1.2062 (middle Bollinger band) is possible.

Expectations: we would expect growth towards 1.2265 (possibly after a touch in 1.2062)

Solutions: consider buying towards 1.2265 (the best entry point is from 1.2062)