Flat forecast

03.06.2021

Daily chart: the pair is trading within the upper Bollinger envelope (109.25-110.07) against the background of the continuing falling ADX. This indicates probable multidirectional price movements today, which is due to the expectations of the markets for tomorrow’s non-farms.

Н4: we mark a strong resistance in the area of the upper Bollinger envelope (109.82), from where another correction is possible towards the lower border of the range (109.38).

Н1: we confirm the high probability of a rebound down from 109.82, where there is a substantial bearish momentum. We consider a rollback of quotes to 109.47 and a further flat in this corridor.

Conclusions: flat in the range 109.47-109.82.
Trading decisions: short-term deals in the corridor 109.47-109.82.