Upside pressure | 30 January 2017

Daily chart: the pair reached strong resistance level at 115.06 (round psychological level and middle Bollinger band). There is high possibility of downside bounce. However, if the price enters upper envelope, we may expect breakout of 118.23, though it won't change general scenario of downside trend reversal.

Н4: locally we have trending ADX, so 115.06 will get a lot of pressure. We are likely to see further upside breakout.

Н1: local support level is at 114.60 (middle Bollinger band). One may consider buying from this region in case of downside rollback.

Expectations: all in all, we are expecting rise to 116 region with possible preliminary rollback to 114.60

Solutions: consider buying from 114.60 to 116.00