Negative forecast for euro remains

11.08.2021

Daily chart: bears are clearly ready to break through the next round support at 1.1700, as evidenced by the preservation of the trend potential by the ADX indicator. Euro quotes may fall by 50-70 points during today’s trading.

Н4: the nearest local dynamic support is at the level of 1.1685 (lower Bollinger band). There is some oversold here, so a rollback up to PPZ 1.1700-1.1718 cannot be ruled out.

Н1: the hourly lower Bollinger envelope is broken, which is also one of the important signals for the continued decline in quotations. The optimal area for entering sales is the middle line (1.1718).

Conclusions: a rollback to 1.1718, then a decline to 1.1650 and 1.1630.
Trading decisions: sales from the 1.1718 zone to 1.1650 and 1.1630.