Bulls have a positional advantage

06.11.2021

Daily chart: the lower Bollinger band (1.1529) has been retested. And once again we do not see any reaction here from the ADX indicator. If it were not for the factor of today’s NFP, then we could very confidently speak of a rebound and growth above the middle Bollinger band (1.1600).

Н4: after a new local price minimum, a bullish convergence in RSI was formed, which is a signal of an upward reversal. Therefore, here we can draw conclusions similar to what we saw on the daily chart.

Н1: the hourly lower Bollinger envelope was not broken, so the bulls may have the potential for the euro quotes to rise to the upper border of the range (1.1600). But, taking into account the strong news background, the growth may turn out to be more substantial.

Conclusions: growth to 1.1600 and 1.1671.
Trading decisions: buying to 1.1600 and 1.1671.