Quiet End of the Week | 20 January 2017

20 January 2017, EUR/USD

Daily chart: ADX remains passive, so the pair is unlikely to go beyond upper Bollinger envelope borders (1.0540-1.0710)

Quiet End of the Week

Н4: here we see the same situation: the price is inside more localized horizontal corridor (1.0574-1.0710), ADX is absolutely indifferent to anything today.

Quiet End of the Week

Н1: locally bears exercise control over declining nature of chart, so they shall not loose resistance level at 1.0675 (upper Bollinger band). This would modify this situation of advantage for them. Support level is in 1.0601 region (lower Bollinger band and round psychological level)

Quiet End of the Week

Expectations:

Core scenario - flat in 1.0601-1.0675

Alternative scenario - a shift towards 1.0710 and then flat till the end of the week

Solutions: consider selling towards 1.0601 (valid for core scenario)

Aleksey Panasenko
FreshForex Analyst
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