01 February 2017, EUR/USD
Daily chart: the pair showed distinct bullish momentum but ADX is passive, so we are not expecting the pair to go higher than 1.0840 (upper Bollinger band), despite of the fact that this level may get pressure.
Н4: local support level is middle Bollinger band region (1.0721). From this support level buyers may force the price up towards 1.0840. ADX\RSI is corrective, that matches the mentioned scenario.
Н1: here we are observing actively growing ADX, which can be treated differently. We see resistance region of 1.0828-1.0840. From there may occur a rollback towards 1.0740 (lower Bollinger band, see red arrow). However, in case of 1.0840 breakout, bullish trend may start (see blue arrow)
Expectations:
Core scenario - rise to 1.0840 region and later rollback towards 1.0740
Alternative scenario - upside breakout of 1.0840 and attempt to reach 1.09
Solutions:
1. Consider buying to 1.0840 (or possibly to 1.09)
2. Consider selling from 1.0840 (in case of short-signals on Н1 chart). Target is 1.0740.
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