29 December 2016, EUR/USD
Daily chart: ADX is in active and trend state, so bulls have a chance to attack 1.0542 (middle Bollinger band) and go higher. However, lower Bollinger band (1.0300) still behaves as magnet and bears, in their turn, could turn the situation in their favor. That's why we can consider both scenarios as equally probable.
Н4: as long as resistance level 1.0489 (upper Bollinger band) remains unbroken, decline is more relevant (see blue arrow). However, if buyers manage to break this level, there might appear potential for rising towards 1.0542 or higher.
Н1: there is quite a similar situation. Bears are in good position for selling with short stops towards 1.0373 (lower Bollinger band, see blue arrow). For bulls there remains nothing but trying to prevent decline by breaking 1.0489.
Expectations:
Core scenario- decline from current levels towards 1.0373
Alternative scenario - breakout towards 1.0542.
Solutions:
1. Sell with stops at 1.0489. The target is 1.0373
2. Buy at breakout of 1.0389. The target is 1.0542
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