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Another upward dash after downward rollback

Another upward dash after downward rollback | 01 August 2016

01 August 2016, EUR/USD

Daily chart: bulls broke the upper Bollinger envelope, which is the northern signal. At the same time, it can be a false signal, because ADX has not reached the trend value yet, and Bollinger bands do not have the required extension. But we know about properties of such setups, they often return to the middle band (1.1080), which is the main expectation for today.

Н4: correction to the middle area of ​​the Bollinger band (1.1080) is being anticipated

Н1: just a better shapedsupport 1.1119 (the bottom Bollinger band).

Expectations: now we're waiting for a fall to 1.1119 and then rise to the 1.1160

Solutions: check upward signals on H1 up around 1.1119

Aleksey Panasenko
FreshForex Analyst
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