Downward reversal

29.04.2021

Daily chart: a bearish pinbar was formed from the middle Bollinger band (108.87), which is a signal to sell. We are waiting for the development of a decline in quotations in the direction of 107.35 (lower Bollinger line).

Н4: strong local support in the 108.44 zone provokes a rollback of quotes upwards, however, we see the absence of the ADX trend potential, which indicates a low probability of further growth.

Н1: the hourly chart is little bit similar to the daily one. At the moment, the middle Bollinger band (108.67) is being tested, where we expect weakness of buyers and, as a result, a downward reversal to 108.36.

Conclusions: decline to 108.36, with an eye on 108.00.
Trading decisions: sales to 108.36 and 108.00.