EURUSD – Up
Daily chart: we are observing momentum of the high but there is not enough force to break upper Bollinger envelope (resistance level of 1.0720). This allows us to count on rollback to the downside from 1.0720 region towards middle Bollinger band (1.0540), here one may look for signals to buy again.
Н4: here we also see weak ADX, so scenario of downward rollback from 1.0720 might be considered as a core one. Supports are localized at 1.0671 and 1.0615 (middle and lower Bollinger band)
Н1: there is local trending ADX, so bulls may take their advantage, firstly by continuing rally with increasing new highs and then by plunging the pair into correction towards 1.0671.
Expectations:
Core scenario – upside breakout of 1.0720 and then rapid rollback to the downside towards 1.0671
Alternative scenario – decline after touching 1.0720. The target is 1.0629
Solutions: selling from 1.0720 to 1.0671 and 1.0629
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
The post Forex Technical Analysis: Trend potential – Try to enter down from resistance level 1.0720 appeared first on forex-analytics.press.
