Limited bullish potential

12.05.2021

Daily chart: ADX has not entered the trend zone yet, which will contribute to either rollbacks of quotes downward or consolidation at current levels (as it was yesterday). Sales are unsafe to consider due to the breakdown of the upper Bollinger envelope.

Н4: a similarity of the “bullish flag” pattern is formed locally, which allows us to consider buying from the middle Bollinger band (1.4072). Meanwhile, it is improbable that active growth was today, as evidenced by the fall in ADX.

Н1: intraday sideways trading range is limited by the Bollinger Bands (1.4104-1.4166). There is also a decrease in the trend potential of the ADX, so the most probable forecast for the day is flat.

Conclusions: flat in the range 1.4104-1.4166.
Trading decisions: short-term deals in the range 1.4104-1.4166.