We are waiting for a downward reversal of the euro from the zone 1.1838-1.1851

06.04.2021

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Daily chart: the upward technical correction of the pair is approaching the middle Bollinger band (1.1851). As you can see, the ADX indicator falls against the growth of quotes, which indicates the absence of trend potential on the side of the bulls, and, accordingly, a high probability of a downward reversal from the specified zone.

Н4: locally the bulls kept the pressure, which also speaks in favor of the further development of the euro growth scenario to the 1.1851 zone. Meanwhile, there is also no breakout potential of the ADX, which also excludes the possibility of a breakout above.

Н1: the upper hourly Bollinger band is at 1.1838. This dynamic resistance can be considered as one zone with the level of 1.1851. We are waiting for a downward reversal from this zone and a return of the euro quotes to 1.1801 and, possibly, to 1.1774.

Conclusions: growth to the 1.1838-1.1851 zone, then a downward reversal to 1.1800 and 1.1774.
Trading decisions: sales from the zone 1.1838-1.1851 to 1.1800 and 1.1774.