Limited bullish potential

25.01.2021

Daily chart: the local potential of ADX is not at the trend level yet. Therefore, the ability of the bulls to go above the level of 1.3749, where the upper Bollinger band is located, is in doubt.

Н4: the local potential of ADX is also not in the zone of trend pressure, therefore, despite the growth of quotes, we are waiting for a downward reversal from the zone 1.3749.

Н1: chart shows signs of bullish pressure, so 1.3721 (Upper Bollinger Band) will be the reference resistance level within the day. A rise above will provide the bulls with area to rise by another 28-30 points, while a reversal will lead to a price correction towards the middle line (1.3690).

Conclusions: growth to 1.3749, then a rollback to 1.3690.
Trading decisions: selling from the 1.3749 zone to 1.3690.