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Potential region for selling

Potential region for selling | 07 February 2017

07 February 2017, EUR/USD

Daily chart: the price is in upper Bollinger envelope range (1.0682-1.0839). Considering edging and passive ADX we can expect continuing flat in this region.

Potential region for selling

Н4: the situation here can be treated as preparation for decline: lower Bollinger envelope was broken and now there is technical rollback towards middle band (1.0767), on this level we might meet high euro supply to sell.

Potential region for selling

Н1: here we are observing a similar situation. 1.0767-1.0791 region is very promising for selling signals. To activate potential downside move one need to break support around 1.0721. Unless it is done, the market would be mostly flat.

Potential region for selling

Expectations:

Core scenario - we expect the pair to touch 1.0767-1.0791 and start to decline towards 1.0650

Alternative scenario - flat in 1.0721-1.0791

Solutions: consider selling in 1.0767-1.0791 region

Aleksey Panasenko
FreshForex Analyst
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