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Entering Long after Possible Downward Rollbacks

Entering Long after Possible Downward Rollbacks | 22 March 2017

22 March 2017, EUR/USD

Daily chart: ADX is growing slowly, for now trend supports bulls. Upward breakout of 1.0804 will allow rising towards 1.0871, it is a strong pivot area. However, considering weak trend ADX we may expect rollbacks to the downside.

Entering Long after Possible Downward Rollbacks

Н4: oscillator divergence indicates bullish weakening. However, ADX shows aggressive trend. Bulls may actually reach new high today and then give way to correction. Support levels are at 1.0769 and 1.0718 (middle and lower Bollinger band).

Entering Long after Possible Downward Rollbacks

Н1: price rotation area is 1.0791-1.0820. If the pair breaks support level at 1.0791, that will be a signal for starting rollback to the downside.

Entering Long after Possible Downward Rollbacks

Expectations: the situation is unstable. On the one hand, bulls may renew today's high. On the other hand, bears have a chance to ensure correction towards 1.0769 and 1.0718.

Solutions: so, consider skipping downside rollbacks and looking for upside entry points.

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Aleksey Panasenko
FreshForex Analyst
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