Premarket review of the euro. Analysis of Friday’s close

Posted On 19 Oct 2015

Tag: Euro

The daily chart: technical correction in the direction of the middle Bollinger band (1.1273). Sellers have reason to wait for finalization of this area.

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Н4: However, we cannot ignore strong support in the area of the bottom Bollinger band (1.1329). Envelopes are horizontal and stable, ADX is inactive, and therefore, there is a high probability of an upward rebound. This duality of scenarios makes sellers be careful and not be greedy in intraday transactions.

Н1: another support at 1.1341. Monday can be spent within the flat 1.1341-1.1394.

Expectations: The main scenario – Touch of zone 1.1329-1.1341 and rebound to 1.1394. Alternative scenario – punching of support 1.1329 and decline to 1.1273

Solutions: 1) Trading within the range 1.1329-1.1394. 2) Aggressive sellers can try to wait the target 1.1273. 3) Under the alternative scenario,you can reopen Buy trades around 1.1273.

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