Growth but with restriction in the 10th figure | 24 July 2015

24 July 2015, EUR/USD

Daily chart: From the one hand, swing has been formed, so bears could break the last bottom (blue arrow), but from another hand – in the upper part, we have bearish unfinished pattern O&U, adding a bullish localO&U on Н1 from 1.0825. So, despite on descending structure, Northern direction shall be deemed as the major one.

Growth but with restriction in the 10th figure

Hourly chart: preparation of a classical long signal: pinbar on the end of a descending swing. If Hourly bar is closed exactly the same way, nothing will prevent bulls from breaking the last top (1.1017)

Growth but with restriction in the 10th figure

Scenarios: by all appearances, we will see one more upward dash with the break of 1.1017. Upon that, in the bottom we have O&U from 1.0825. So, decline may start at any time once a new High is reached.

Trading decisions:

1) Once the price closes to 1.1050, we shall buy.

Aleksey Panasenko
FreshForex Analyst
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