Decline towards 1.0613 | 30 January 2017

Daily chart: we are observing downside correction towards support level at 1.0613 (middle Bollinger band). This support level is a potential starting point of new rise towards 1.0801 (upper Bollinger band).

Н4: here we have active trending ADX, so we are likely to see breakout of 1.0613.

Н1: localized support level in lower Bollinger band region (1.0651), is likely to be under pressure because on this chart ADX is very aggressive and trending. So despite of red arrow scenario (rollback towards 1.0684 and 1.0724), we are expecting the core scenario of decline to 1.0613 (blue arrow)

Expectations:

Core scenario - decline to 1.0613

Alternative scenario - upside rollback from 1.0651 to 1.0684 and 1.0724

Solutions: consider selling to 1.0613