Possible Breakout of 1.2400 | 16 March 2017

Daily chart: we are observing technical correction to the upside. If bulls manage to break resistance level at 1.2338 (middle Bollinger band), they may have a chance to push the price up to 1.2600.

Н4: here we have upward breakout of upper Bollinger envelope along with up-trend ADX. That allows bulls to attack 1.2338 and try to reach 1.2400, this level is a strong pivot zone.

Н1: here ADX also shows trending price. Support level is in 1.2209 region (middle Bollinger band) but considering such an ADX sellers might not be able to launch such a big rollback.

Expectations: rise to 1.2400 region. Here the price may stop and we may see short-signals.

Solutions:

1. Consider buying to 1.2400

2. Consider selling from 1.2400 (if there would be signals in 1.2400 region on Н1 chart).