Limited trading range

06.05.2021

Daily chart: the ADX trend indicators remain at an extremely low level, which is due to the market’s wait-and-see attitude against the background of tomorrow’s non-farms. The trading range is limited to 1.3863-1.3946.

Н4: strong local support in the area of the middle Bollinger band (1.3886). From above, the growth of quotations is limited by the resistance 1.3931-1.3946. ADX is in the weak zone, so the volatility is not expected to be huge today.

Н1: the intraday sideways corridor within the Bollinger envelopes may well prevent the pair from fluctuating by more than 20 points: support is provided by the dynamic support level 1.3894, resistance – 1.3913.

Conclusions: flat in the range 1.3894-1.3913.
Trading decisions: short-term deals in the range 1.3894-1.3913.