Purchase from 105.16 zone

05.02.2021

Daily chart: the pair is actively correcting down today against the background of the considerable overbought conditions. However, it is necessary to proceed from the opportunity of continued growth of quotations at any time, inasmuch as a breakdown of the upper Bollinger envelope was recorded yesterday.

Н4: we mark the dynamic support level 105.16 (middle Bollinger band), from where the bulls can attack again in the direction of 106.00. Here, the upper Bollinger envelope was also broken earlier, which is one of the signals for continued growth.

Н1: Another strong intraday support can be found at the lower Bollinger Band (105.34). Therefore, we consider the tactics of buying from the zones 105.34 and 105.16 after the release of the NFP data.

Conclusions: decline to 105.16, then growth to 106.00.
Trading decisions: purchases from the zone 105.16 to 106.00.