Flat forecast

08.02.2021

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Daily chart: the bulls were unable to bridge the barrier in the form of a medium-term resistance zone of 105.68, while remaining the trend potential. Therefore, despite the bearish closing of trading on Friday, pressure on the indicated zone may retain with trying to sustain above 106.05.

Н4: the local decline in quotations looks solid. If the support at 105.24 (Bollinger middle line) does not resist, then the price will fall into the lower envelope, towards the 104.61-104.80 zone.

Н1: very low trend potential is noted on the hourly chart. This indicates a comparatively small volatility, limited by the lower Bollinger envelope (105.24-105.47).

Conclusions:
The main scenario is flat in the range 105.24-105.47.
An alternative scenario is a dip to 104.61-104.80.
Trading decisions: short-term deals in both directions in the range 104.80-105.47.