26 Oktober 2015, EUR/USD
The daily chart: Bears had categorically broken 4 support lines at once (see yellow zone), so nature of the market may be described as a top-down structure. The last swing covered the entire range of autumn, so we expect start and a rollback swing up before the main trend downward swing.
H1 chart:upward swing is about to start here. Its height will determine fate of the correction. If the last top withstands (1.1139), the swing down will break the last bottom (1.0996). If bulls get above 1.1139, we will have a bullish local pattern O&U (with the entrance zone 1.1071) and upside to 1.13
Expectations: So, we wait for growth toward 1.1139, where, on the basis of reactions to this zone (rebound/breakout) we can make further trading decisions.
solutions:
1)Buy to 1.1105.
2) On short signals in the area 1.11-1.1139 - we sell with the goals of 1.0950 and 1.09
3) In the breakdown above 1.1139 - place limit orders to buy in the area of 1.1071 and goal 1.13.
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