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Looking for entry points only downwards

Looking for entry points only downwards | 29 October 2015

29 October 2015, EUR/USD

The daily chart: a strong trending distribution down with active ADX. Broken bottom Bollinger envelope indicate a possible continuation of drop of the euro. There are two most probable paths. The first - drop from current levels to 1.0814 and then upward correction. The second - a preliminary pullback to the zone of the middle Bollinger band (1.1216) and only then the main phase of decline.

Н4: bottom envelope is also broken here. You can sell the euro immediately after touch of zone of the middle Bollinger band (1.1037)

Н1: similar picture. Structure may be one of the versions of the "bear flag", so we will have two fall scenarios again - either from current levels or through a rollback to 1.1037

Expectations: The main scenario - roll back up to 1.1037 and then start of decline towards 1.0814. The alternative scenario - a direct drop to 1.0814.

solutions Only sales. The best option is selling from the area of ​​1.1037, but the price may fall from current levels, so make a decision on entry points based on your own trading style.

Aleksey Panasenko
FreshForex Analyst
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