Limited upward potential

20.09.2021

Daily chart: the upward sideways phase continues, therefore, until the testing of the upper border of the range (110.32), we can work exclusively upward.

Н4: local strong resistance in the area of the upper Bollinger band (110.11) has already produced a reversal effect and it looks like it will be difficult for the bulls to overcome this barrier.

Н1: we mark the consolidation corridor of the pair within the Bollinger envelopes (109.82-110.04). Some correction in ADX is being observed, so one of the possible scenarios for Monday will be flat within the specified borders.

Conclusions:
The main scenario is flat in the range of 109.82-110.04.
An alternative scenario is an increase to 110.32.
Trading decisions:
1. Buying from the zone 109.82 to 110.32.
2. Sales from zone 110.32.