Market may require correction

17.11.2021

Daily chart: there are already six bars in a row outside the lower Bollinger envelope! This is a strong corrective sign. Meanwhile, the pressure of the ADX indicator remains strong, which indicates a possible new minimum.

Н4: there is substantial local overbought, however, there are no signs of bullish convergence yet. Therefore, the bears will have a chance to probe the 1.1250 and 1.1200 zones.

Н1: strong intraday support was met at the lower Bollinger band (1.1289), from where a pullback is currently being formed. The control resistance is at 1.1333 (Bollinger middle line), from where new sales are possible.

Conclusions:
The main scenario is an increase to 1.1333, then a decline to 1.1250.
An alternative scenario is a direct decline to 1.1250 and 1.1200.
Trading decisions: selling from the 1.1333 zone to 1.1250 and 1.1200.