Trading range 1.1616-1.1648

23.10.2021

Daily chart: for the third trading session in a row, the pair is consolidating within the upper Bollinger envelope (1.1604-1.1689) and will probably keep this trend today – the ADX indicator is correcting downward, which indicates a decrease in the trend potential of the market.

Н4: strong local support in the lower Bollinger band (1.1616) led to the formation of a bullish inside bar, which could allow buyers to reach the upper border of the range (1.1662). However, there is also no ADX trend dynamics here.

Н1: on all timeframes there is a flat dynamics from the side of the ADX trend indicator, therefore, the forecast for the day is flat within the Bollinger envelopes (1.1616-1.1648).

Conclusions: flat in the range 1.1616-1.1648.
Trading decisions: short-term deals in the range 1.1616-1.1648.