Forex Technical Analysis: Trend potential – Bearish trend potential

EURUSD – UpDaily chart: very active trending ADX. That means, support level at 1.0588 (lower Bollinger band) will experience high pressure and is likely to be broken. In this case the pair will start declining towards 1.0350 in mid-term. Н4: at the moment price is consolidated inside lower Bollinger envelope (1.0585-1.0641). ADX is corrective, the pair may stay inside this corridor. Н1: here we have trending ADX again, so breakout of 1.0582 may be expected. Expectations: Core scenario – drop below 1.0582 level and further decline to 1.05 or lower towards 04 region Alternative scenario – flat at 1.0582-.06041 Solutions: consider selling from current levels to 1.05. Be cautious around 1.0582, the price may stay there for a while.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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