Bulls retain control, but correction is possible

31.03.2021

Daily chart: the pair maintains a very active growth trend. In so near future, the next round level 111.00 will be attacked, and it is probably that the bulls will break through it as well. Therefore, purchases can be considered with the expectation of movement towards the targets of 111.50 and 112.00.

Н4: the local upper Bollinger envelope has been broken, therefore, despite the substantial overbought, further growth and consolidation above 111.00 can be expected.

Н1: on the hourly chart there is a bearish divergence in the RSI, which may lead to the formation of an intermediate corrective wave to the middle Bollinger band (110.46).

Conclusions:
The main scenario is a rollback to 110.46, then an increase to 111.50.
Alternative scenario – continued growth from current levels in the direction of 111.50 and 112.00.
Trading decisions: purchases from the 110.46 zone to 111.50 and 112.00.