EURUSD – Up
Daily chart: we are observing break of upper Bollinger envelope, that is a strong up move signal. However, the break occurred while ADX was very weak, so here we have a possibility for preliminary correction to the downside towards middle Bollinger band (1.0528)
Н4: there is technical correction to the downside. Support level is more localized than on day chart: it is at 1.0644 (middle Bollinger band). Resistance level is at 1.0718 (upper band).
Н1: there is another support level in 1.0676 region (lower Bollinger band). In total, today scenarios are controversial. Both shift up from current levels and drop in context of rollback are possible.
Expectations:
Core scenario – touch in 1.0644-1.0676 region and later shift to the upside aiming to break 1.0718
Alternative scenario – declining towards 1.0528 flat
Solutions: consider looking for upward entry points. Bearing in mind the alternative scenario, one should be cautious.
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