Waiting for a downward reversal

13.09.2021

Daily chart: a bearish pinbar, which was formed from the upper Bollinger band (1.3888) on Friday, could be a good starting point for a decline in quotes towards the support of 1.3767 (Bollinger middle line).

Н4: we mark strong local support in the area of the middle Bollinger band (1.3811). Bollinger envelopes are stable, and the ADX indicator has moved to a correction, which may prevent bears from going into the lower envelope.

Н1: a “Head-and-Shoulders” pattern has been formed, which also indicates good perspectives for a downward reversal. The “right shoulder” area (1.3854-1.3870) looks like the optimal zone for entering sales.

Conclusions: an upward rollback to 1.3854-1.3870, then a downward reversal in the direction of 1.3800.
Trading decisions: sales from the 1.3854-1.3870 zone to 1.3800.