Two scenarios for today

08.07.2021

Daily chart: yesterday’s pinbar was formed without any supports, so it can be safely attributed to the “bull trap”. ADX is in the extreme zone, so the quotes will probably continue falling in the direction of 1.3691 (lower Bollinger band).

Н4: we mark strong local support in the 1.3752 zone (lower Bollinger line), where the breakout potential of the ADX is still absent. The pair may need to consolidate within the lower envelope (1.3752-1.3820).

Н1: intraday potential of ADX has not reached the trend values yet, so the scenario of accumulation in the corridor 1.3752-1.3790 looks the main one for today.

Conclusions:
The main scenario is flat in the range 1.3752-1.3790.
An alternative scenario is a fall to 1.3691.
Trading decisions: sales from the 1.3790 zone to 1.3752 and 1.3691.