Continuation of consolidation

16.09.2021

Daily chart: as expected, in the area of the middle Bollinger band (1.3774-1.3800) the pair gained support, which will probably continue the trend towards market consolidation within the upper envelope (1.3774-1.3908).

Н4: the local ascending phase of the market is potentially limited by the dynamic resistance level of 1.3877 (upper Bollinger line), from where a decline in quotations can be expected again.

Н1: intraday resistance can be met also at the level of 1.3852 (upper Bollinger band). On all timeframes there is a lack of the ADX trend potential, which makes further flat forecast the most realistic.

Conclusions:
The main scenario is flat in the range 1.3824-1.3852.
Alternative scenario is growth to 1.3877, then downward reversal in the direction of 1.3824.
Trading decisions: sales from zones 1.3852 and 1.3877.