Limited bullish potential

15.04.2021

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Daily chart: the low trend potential from the ADX side remains, which indicates a possible continuation of the pair’s flat in the area of the middle Bollinger band (1.3772). Taking into account the absence of a breakdown of the lower Bollinger envelope, such a flat will play into the hands of the bulls.

Н4: the local upper Bollinger envelope was broken, therefore, a surge in buying activity in the support zone of 1.3754 (middle Bollinger band) is possible. However, ADX activity is falling here, so this scenario is unlikely to be activated today.

Н1: intraday trend is sideways. The pair is within the horizontally oriented Bollinger envelopes with a range of 1.3754-1.3795. Probably, the whole today’s session will take place within these boundaries.

Conclusions: flat in the range 1.3754-1.3795.
Trading decisions: short-term deals in the range 1.3754-1.3795.