Trading range 109.69-110.03

28.05.2021

Daily chart: the pair faced resistance at 109.82 (upper Bollinger band). The ability of the bulls to overcome this barrier is in doubt – the Bollinger envelopes are stable, and the ADX has moved into a correction, which indicates a drop in buying pressure.

Н4: the local level of dynamic resistance from the upper Bollinger band is at 110.03. Well, it would be logical if the market tested the 110.00 psychological zone before turning down.

Н1: within the day, the pair is in a downward phase, which is limited by support at 109.62 (lower Bollinger line), from where we can expect a retraction to 110.0

Conclusions: decline to 109.62, then growth to 110.03.
Trading decisions: purchases from the zone 109.62 to 110.03.