Advantage is on the sellers’ side

17.09.2021

Daily chart: the pair dropped into the lower Bollinger envelope, which may lead to testing of support at the lower border of the range (1.1713). ADX remains in correction, so there may be no trend pressure, and, accordingly, quotes may roll back to the middle Bollinger band (1.1806).

Н4: the local lower Bollinger envelope received a pronounced breakdown, therefore, after the pair rolls back to the middle line (1.1801), we can expect the activation of sellers again.

Н1: on the hourly chart the resistance area 1.1777 (Bollinger middle line) is also highlighted. However, it is located only 23 points from the round level 1.1800, so it can be considered as the same zone.

Conclusions: a downward reversal from the 1.1777-1.1801 zone and a transition to a decline in the direction of 1.1734 and 1.1713.
Trading decisions: sales from the zone 1.1777-1.1801 to 1.1734 and 1.1713.