Technical contradictions between key time frames | 13 Febrero 2017

13 Febrero 2017, EUR/USD

Daily chart: bearish ADX is ramping up. There is a very strong support level in 1.0587 region (lower Bollinger band). We also remember that in 1.0770 region there is some potential euro supply within bearish Over&Under pattern left.

Technical contradictions between key time frames

Н4: here on the contrary, we see active bullish ADX, and oscillator shows distinct signs of convergence. Support level at 1.0619 (lower Bollinger band) is very strong. Possible bullish targets are 1.0666, 1.0700 (middle and lower Bollinger band). If 1.07 is broken, bulls may reach 1.0770 (see blue arrow).

Technical contradictions between key time frames

Н1: locally ADX/RSI is quite passive, so during the day trading may be limited by 1.0617-1.0666 range (Bollinger envelopes).

Technical contradictions between key time frames

Expectations:

Core scenario - flat at 1.0617-1.0666

Alternative scenario - breakout towards 1.07

Solutions: trading within corridor of 1.0617-1.0666. However, one should be cautious because of some contradictions between day and Н4 charts.

Aleksey Panasenko
Analista de la empresa" FreshForex
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