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Two support points for possible purchases

Two support points for possible purchases | 05 April 2016

05 April 2016, EUR/USD

Daily chart: the first day of the week was closed by the inside bar conveying certain consolidation in the overboughtness zone. This is of course the bearish argument. However, trend activity of ADX can be interpreted in two ways, in this case, since we have growing movement and expanding Bollinger envelopes.

Н4: the oscillator has signs of bearish divergence. We are waiting correction around bottom Bollinger band (1.1305) and then an upward rebound is likely to take place within a day.

Н1: horizontal flat range inside the Bollinger envelopes (1.1361-1.1412)

Expectations: The main scenario - flat within the corridor 1.1361-1.1412

The alternative scenario - decline to 1.1305

Trading solutions: 1. We should monitor Buy signals around support lines 1.1361 and 1.1305

Aleksey Panasenko
FreshForex Analyst
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