Bears Are Weakening | 04 April 2017

Daily chart: the price entered lower Bollinger envelope, ADX keeps pushing, so bears may be able to reach 1.0524 (lower Bollinger band)

Н4: the price is inside lower Bollinger envelope (1.0629-1.0702). ADX shows active but corrective trend, which means we may see another drop from level of 1.0702.

Н1: continuous bullish oscillator convergence indicates weakening of bearish pressure and oncoming reversal to the upside. It is highly likely that the price will rebound higher from support level at 1.0651.

However, at the same time different scenarios are equally likely to happen. That makes price movement forecasting harder.

Expectations:

Core scenario - drop to 1.0651 followed by rise to 1.0702 or higher.

Alternative scenario - drop to 1.0629

Trading signals: consider entering long from support levels at 1.0651 and 1.0629