Forex Technical Analysis: Trend potential – Key Resistance Level is 1.0661

EURUSD – UpDaily chart: the day closes within the frame of the previous one (internal bar), however, such setup is not trading. The pair is exactly in the middle of lower Bollinger envelope range, so both shift to the middle line (1.0801) and drop to the lower one (1.0400) are possible. Н4: Bollinger envelopes are stable, flat range is 1.0537-1.0661 (marked yellow area). In case of an upward breakout, shift to 1.0801 is possible (see red arrow). Н1: there is a similar situation but take notice of particularly active ADX, it gives buyers certain advantage. A rise to 1.08 is highly likely. Expectations: Core scenario – rise towards 1.0801 Alternative scenario – touch in 1.0661 and after that downward rollback to 1.0612 Solutions: 1. Buy closer to 1.0801 (in case of breakout of 1.0661) 2. Sell from 1.0661 to 1.0612 (in case of alternative scenario)
You may check other analytical reviews on the web-site of FreshForex company. Source: