Marking a possible sales zone

05.10.2021

Daily chart: an upward technical correction may well reach the middle Bollinger band (1.1729) – as we can see, yesterday’s part of the pullback almost did not resolve the issue of oversold, so the growth will probably continue.

Н4: but locally, there are signs of weakening of the bulls in the resistance zone of 1.1632 (upper Bollinger band), from where the bearish inside bar was formed. If we still do not see a consolidation above this mark, then the euro quotes may drop to 1.1567 again.

Н1: the short-term uptrend does not have substantial support from the ADX indicator, which casts doubt on the ability of the bulls to break above the upper Bollinger band (1.1639).

Conclusions:
The main scenario is an increase to 1.1639, then a downward reversal in the direction of 1.1587.
Alternative scenario is growth in the direction of 1.1729.
Trading decisions: sales from the 1.1639 zone to 1.1587.