24 March 2017, EUR/USD
Daily chart: the pair is in the middle of upper Bollinger envelope (1.0654-1.0840), ADX shows weak and corrective trend. So, today we'll expect either breakout of upper Bollinger band (1.0840) or correction towards middle Bollinger band (1.0654).
Н4: there is a strong support level on lower Bollinger band (1.0744). This support insures local uptrend (see blue arrow). If it will be broken, we may see decline towards 1.0654.
Н1: there is valid strong support level in area of 1.0725-1.0744. Rebound is highly likely. If bears manage to break this support, it will trigger bullish stop-losses and further drop.
Expectations:
Core scenario - we expect the pair to touch 1.0725-1.0744 and rebound towards 1.0777.
Alternative scenario - drop to 1.0654.
Solutions: consider buying from 1.0725-1.0744 area, or selling at this area breakout aiming at 1.0654.
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