Sideways corridor 1.3405-1.3450

17.11.2021

Daily chart: the pair is consolidating at 1.3418 for the fourth day, where the local hourly Bollinger averages are located. All this should be considered as a possible preparation for a decline to the 1.3293 area, where the dynamic support from the lower band is located.

Н4: locally, there are no signs of an exit from the sideways trend. Bollinger envelopes are stable and ADX indicators do not correspond to the trend distribution. The trading range is limited by the levels 1.3371-1.3459.

Н1: the hourly chart clearly shows that the pair is now supported by the round level 1.3400 (the lower Bollinger line), which is the reason for the formation of a bullish inside bar. Therefore, quotes may temporarily recover to the area of 1.3430-1.3450.

Conclusions: flat in the range 1.3406-1.3450.
Trading decisions: short-term deals in the range 1.3406-1.3450.