13 February 2017, EUR/USD
Daily chart: bearish ADX is ramping up. There is a very strong support level in 1.0587 region (lower Bollinger band). We also remember that in 1.0770 region there is some potential euro supply within bearish Over&Under pattern left.
Н4: here on the contrary, we see active bullish ADX, and oscillator shows distinct signs of convergence. Support level at 1.0619 (lower Bollinger band) is very strong. Possible bullish targets are 1.0666, 1.0700 (middle and lower Bollinger band). If 1.07 is broken, bulls may reach 1.0770 (see blue arrow).
Н1: locally ADX/RSI is quite passive, so during the day trading may be limited by 1.0617-1.0666 range (Bollinger envelopes).
Expectations:
Core scenario - flat at 1.0617-1.0666
Alternative scenario - breakout towards 1.07
Solutions: trading within corridor of 1.0617-1.0666. However, one should be cautious because of some contradictions between day and Н4 charts.
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