Two scenarios and both for bulls | 23 July 2015

23 July 2015, EUR/USD

Daily chart: Inside bar has been received, but its location is not the best in terms of entrance. The best possible approach is to show patience and wait until we can anter on hour set up (O&U)

Two scenarios and both for bulls

Hourly chart as we see, Inside bar of a daily chat looks like a classical consolidation. So, we have two plans: 1) pullback lower (not lower than the last bottom 1.0868) and an upward breakthrough of consolidation. 2) Inside bar will be canceled and the price will get down to1.0825 to entrance point according to the pattern O&U

Two scenarios and both for bulls

Scenarios: 1) Decline to the area 1.0890 and growth to 1.0970. 2) Breakthrough of 1.0868 and decline to1.0825, from where a new middle-term growth will start for not less than to 1.11.

Trading decisions:

1) Looking for trades based on the situation and match our actions with the above-mentioned scenarios.

Aleksey Panasenko
FreshForex Analyst
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