Forex Technical Analysis: Trend potential – Possible Scenarios for Monday

EURUSD – UpDaily chart: it seems that long-awaited upward correction has begun. It might go up to the middle Bollinger band (1.0828). However, do not forget that the lower band is likely to continue to decrease to 1.0442 and bullish pinbar that had caused correction does not have serious support. All of these make buying highly risky. Н4: side corridor is within Bollinger envelopes. (1.0520-1.0650). ADX parameters are too weak for breakthrough. Н1: the pair is within the range of upper Bollinger envelope (1.0587-1.0616). There are doubts, but we think that this little range might be enough for such a volatile pair. Expectations: Core scenario – rise to 1.0616 and then rollback to 1.0587. Alternative scenario – breakthrough up to 1.0650. Solutions: consider cautious buying along the lines of 1.0616 (in veiw of possible move to 1.0650).
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