EURUSD – Up
Daily chart: news releases haven’t change ADX’s intentions, it is still correcting. In that context, bulls’ ability to break upper Bollinger band (1.0622) raises doubts. If such expectations are met, we will observe decline towards middle band (1.0486). If bulls take charge of the situation and manage to break upper envelope, we will discuss further possibilities in the next review.
Н4: there is a valid resistance range of 1.0608-1.0622. Support level is around 1.0506 (lower Bollinger band and a psychological round level)
Н1: there is similar situation (despite of broken upper Bollinger envelope. It can be ignored due to horizontal location of Bollinger bands and passive ADX)
Expectations: on might expect touching in 1.0608-1.0622 and later drop towards 1.0541 and 1.0486
Solutions: consider selling from 1.0608-1.0622 to 1.0541 and 1.0486
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
The post Forex Technical Analysis: Trend potential – Strong resistance range of 1.0608-1.0622 appeared first on forex-analytics.press.
