Consolidation

05.08.2021

Daily chart: an upward technical correction is approaching the middle Bollinger band (109.87), from where a downward reversal is expected, earlier the lower Bollinger envelope was broken, which is a signal for a continuation of the decline.

Н4: the first problems of the bulls in the area 109.87 have already been indicated. ADX potential is also decreasing. We are waiting for a rebound and a downward reversal.

Н1: within the day the trading range will probably be limited by the size of the Bollinger Bands (109.39-109.73).

Conclusions: consolidation in the range 109.39-109.73.
Trading decisions: short-term deals in both directions from the borders of the corridor 109.39-109.73.