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Strong resistance range of 1.0608-1.0622

Strong resistance range of 1.0608-1.0622 | 12 January 2017

12 January 2017, EUR/USD

Daily chart: news releases haven't change ADX's intentions, it is still correcting. In that context, bulls' ability to break upper Bollinger band (1.0622) raises doubts. If such expectations are met, we will observe decline towards middle band (1.0486). If bulls take charge of the situation and manage to break upper envelope, we will discuss further possibilities in the next review.

Strong resistance range of 1.0608-1.0622

Н4: there is a valid resistance range of 1.0608-1.0622. Support level is around 1.0506 (lower Bollinger band and a psychological round level)

Strong resistance range of 1.0608-1.0622

Н1: there is similar situation (despite of broken upper Bollinger envelope. It can be ignored due to horizontal location of Bollinger bands and passive ADX)

Strong resistance range of 1.0608-1.0622

Expectations: on might expect touching in 1.0608-1.0622 and later drop towards 1.0541 and 1.0486

Solutions: consider selling from 1.0608-1.0622 to 1.0541 and 1.0486

Aleksey Panasenko
FreshForex Analyst
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