Bulls Prepare Attack of 112.91 | 31 March 2017

Daily chart: upside correction continues towards middle Bollinger band (112.91), this level will either let the pair rise higher to 115.73 (upper Bollinger band) in mid-term, or send it back down towards 109.97 (lower Bollinger band).

Н4: here we see upward breakout of upper Bollinger envelope which is a strong signal of rising. However, considering weak trend ADX, we may see rollback to middle Bollinger band (111.00) first.

Н1: here support level is around 111.34 (middle Bollinger band). However, ADX shows strong trend which is a signal of further rise.

Expectations:

Core scenario- downside rollback to 111.34 region, followed by rise towards 112.91

Alternative scenario - direct rise to 112.91

Trading signals: consider buying from 111.34 to 112.91