Bullish O&U pattern from 112.00 region | 01 March 2017

Daily chart: we have flat in corridor 111.68-114.21 (Bollinger envelopes range). So we expect touch of upper border and bounce to the downside.

Н4: here we are observing reversal bullish Over&Under pattern, thus 112.00 is potential dollar demand region. One may look for possible sell signals in here.

Н1: strong resistance level at 113.71 (upper Bollinger band) can trigger rollback towards 112.00 (through supports at 113.11, 112.60)

Expectations:

Core scenario - touch of 113.71 followed by drop to 112.00 region

Alternative scenario - direct growth to 114.21.

Solutions:

1. Consider limited buying from 112.00 (with stop-loss below 111.60, and take-profit at 114.20)

2. Consider limited selling from 114.21.

3. Consider intrady selling from 113.71 to 112.00