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80-points downward correction from 1.16

80-points downward correction from 1.16 | 03 May 2016

03 May 2016, EUR/USD

Daily chart: bulls are in a very good shape, the pressure is expressed and is confirmed by indicator, ADX is very active. So far we do not expect trend for the euro changes. Goals are not very clear, but we can count on finalization of 1.16-1.17

Н4: a strong resistance around 1.1582 (upper Bollinger band). At the local level, the pair is heavily overbought, so a downward correction towards 1.1522 and 1.1426 is possible (the middle Bollinger band)

Н1: here we also notice an overbought oscillator. Therefore from 1.1582-1.16 zone we expect a downward correction to at least 1.1522.

Expectations: now we expect touch of 1.1582-1.1600 and then a downward correction towards 1.1522

Trading solutions: sales from 1.16 to 1.1522

Aleksey Panasenko
FreshForex Analyst
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