Consolidation in the range 114.04-114.48

16.11.2021

Daily chart: the trend towards consolidation within the upper Bollinger envelope is maintained (113.80-114.48). The ADX trend strength indicator continues to correct, which indicates a possible further accumulation of potential.

Н4: a very strong resistance area 114.30-114.48 demonstrates the presence of those who are willing to sell, which may force the market to roll back down to the 113.70 area.

Н1: the hourly upper Bollinger envelope has been broken, which is a possible signal for continuation of the growth from the support at 114.04 (middle Bollinger band). Therefore, it is possible to refine the resistance at 114.48 before the reversal.

Conclusions: a rollback to 114.04, then an increase to 114.48, then a downward reversal.
Trading decisions: trading in the range 114.04-114.48.