Two flat corridors | 29 November 2016
29 November 2016, EUR/USD
Daily chart: there is distinct bear trend pinbar, that allows bears to move towards 1.0400 (lower Bollinger band). Now ADX is slow. The market might be waiting for Friday non-farm data.
Н4: flat corridor is within the range of Bollinger envelopes (1.0523-1.0650), it is unlikely to move beyond the envelopes today.
Н1: more localized flat corridor 1.0568-1.0628 (Bollinger bands range). Envelopes are narrowing but ADX is not strong enough for big moves.
Expectations:
Core scenario - flat market 1.0568-1.0628
Alternative scenario - wider flat corridor 1.0523-1.0650
Solutions: trades in both directions with priority to sells.
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.
