Repeated sales of the euro from the 1.1617 zone are possible

04.10.2021

Daily chart: despite the beginning of an upward correction, the pair remains under selling pressure – the ADX indicator is still showing bearish pressure. This means that the continuation of the downward wave is possible at any moment.

Н4: the local 20-hour consolidation has almost reached the middle Bollinger band (1.1617). This area is key for potential sales.

Н1: there is almost no ADX trend potential on the hourly chart, which excludes the possibility of a breakdown of the resistance zone 1.1608-1.1617. We are waiting for the quotes to return to the support area of 1.1569.

Conclusions: testing of the 1.1608-1.1617 zone, then a decline to 1.1569.
Trading decisions: sales from the zone 1.1608-1.1617 to 1.1569.