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Sell again from 1.0597

Sell again from 1.0597 | 15 February 2017

15 February 2017, EUR/USD

Daily chart: decline scenario against aggressive trending ADX seems to be valid, so wait for outcome in the same downward direction. Potential mid-term targets are in 1.0350 region

Sell again from 1.0597

Н4: local support level at 1.0566 (lower Bollinger band) still holds, that allows rollback to middle band (1.0622). From here one may consider selling again.

Sell again from 1.0597

Н1: more localized resistance in 1.0597 region (round psychological level and middle Bollinger band). Support level is at 1.0555 (lower Bollinger band). Today the price may stay in quite a narrow corridor. Considering such a set-up one may be able to sell one more day but buying is not recommended at all.

Sell again from 1.0597

Expectations:

Core scenario - we expect the price to touch 1.0597 and then start dropping towards 04 region with a target at 1.0350

Alternative scenario - flat in 1.0555-1.0597

Solutions: consider selling from 1.0597 to 1.0555, 1.0400, 1.0350 (extraday)

Aleksey Panasenko
FreshForex Analyst
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