Looking for correction signals around 1.0680-1.0700 | 16 November 2016
16 November 2016, EUR/USD
Daily chart: bears saved their potential and prevented an upward correction. The oscillator still shows signs of convergence and ADX is not in the trend area. The possibility of a pullback is still here. For example, from the round level 1.07.
Н4: support is at the lower Bollinger band (1.0680) and, as we see, ADX is corrective, which makes it a rebound much likely. Resistance is at 1.0817 (middle Bollinger band)
Н1: at this local frame, the pair is in the horizontal flat corridor 1.0700-1.0800 (the range of Bollinger envelopes). ADX is weak and corrective, so the flat can be maintained.
The main scenario - flat 1.0700-1.0800
The alternative scenario - decline to 1.0680 and then a rebound towards 1.08
Trading solutions: So, we should look for the upward entries to 1.0680 -1.0700. The overall trend is still top-down, so we can entrer on the upward correction only after the signal at H1 is formed.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
