Trading range 1.2120-1.2170

11.05.2021

Daily chart: the upper Bollinger band (resistance zone 1.2170) kept the pressure of buyers. As you can see, the ADX pressure still remains, therefore, if the pair fails to gain a foothold above 1.2170 for the second day in a row, the market will move to a downward correction in the direction of the Bollinger center line (1.2061).

Н4: strong local support is at the level of 1.2110 (middle Bollinger band), from where active purchases of the euro can continue due to the breakdown of the upper envelope. In any case, the potential of ADX here does not seem to be enough for a decline into the lower envelope.

Н1: on the hourly chart, the pair is within the Bollinger envelopes (1.2120-1.2170). The ADX trend potential is decreasing, so the volatility may not exceed 50 points.

Conclusions: flat in the range 1.2120-1.2170.
Trading decisions: purchases from 1.2120 to 1.2170.