Bearish control | 07 February 2017

Daily chart: ADX is very active and supportive of buyers. The last support level in lower Bollinger band region (111.37)is likely to fall. Rollbacks are possible but we would not recommend buying at all.

Н4: local resistance level is in middle Bollinger band (112.67). We are observing lower envelope breakout and growing ADX. On the one hand, it indicates coming rollback to 112.67 region, and on the other hand, nobody says that decline won't start immediately.

Н1: more localized resistance level is at 112.27 (middle Bollinger band). We are not likely to see the pair go higher than that.

Expectations: touch in 112.27 and decline towards 111.65, 111.37 or lower.

Solutions: consider selling from 112.27 to 111.65 and 111.37