EURUSD – Marking a promising area for sales

12.06.2023

Daily: the pair is trading in the middle of the lower Bollinger envelope without much trending potential. Most likely, the trend to multidirectional movements around 1.0690-1.0721 will be continued.

H4: stable horizontal Bollinger envelopes also indicate a flat market condition. In such conditions it is easier for the price to return to the area of hourly average bars (1.0714-1.0721), than to keep falling towards the lower line (1.0663).

H1: An attempt of breaking through the lower Bollinger envelope is also without the ADX potential, so possible selling is better to consider from the middle line (1.0714), which generally coincides with the conclusions on the higher timeframes.

Conclusions: pullback to 1.0714, then decline towards 1.0663.

Recommendations: Sell from the area of 1.0714 to 1.0663.