Consolidation in the range 1.1789-1.1816

27.07.2021

Daily chart: the upward correction of the euro has reached the middle Bollinger band (1.1816), from where, presumably, the price will roll back down again, remaining within the consolidation inside the lower envelope. A falling ADX also speaks of such a scenario.

Н4: locally the bulls have some advantage in the form of a breakdown of the upper Bollinger envelope, the “bullish flag” that is forming right now, as well as strong trend pressure from the ADX. But the Bollinger bands are in the horizontal plane, so here it would also be logical to roll back the quotes to the minimum to the middle Bollinger band (1.1784).

Н1: we mark the potential range of intraday consolidation: support at 1.1789, resistance at 1.1816. On the hourly chart the ADX potential is at a very low level, which is consistent with the flat forecast.

Conclusions: flat in the range 1.1789-1.1816.
Trading decisions: short-term deals in the range 1.1789-1.1816.