Multidirectional movements

09.07.2021

Daily chart: the pair is forming an upward rebound from the lower Bollinger band (109.60), which may allow the dollar to recover to 110.58 (middle line). ADX potential is at a low level, therefore, multidirectional price movements are possible within the day.

Н4: the local lower Bollinger envelope was broken, which allows us to consider sell deals from the middle Bollinger band (110.34).

Н1: the hourly upper Bollinger envelope was broken, which corresponds to the scenario of reworking by correction on the higher timeframe of the zone 110.34. Buy from 109.86 to 110.34, then turn to short positions again.

Conclusions: a rollback to 109.86, then growth to 110.34, then a new downward reversal.
Trading decisions:
1. Purchases from 109.86 to 110.34.
2. Sales from 110.34 zone.