There may be a rise before a new reversal

20.01.2021

Daily chart: Buyers performed a bullish pinbar well, but they did not receive any support from the ADX indicator. It restricts the potential for further growth by the middle Bollinger band (1.2199), from where a new downward reversal will be possible.

Н4: locally, the pair is trading above the middle Bollinger band (1.2108), which may contribute to the growth of the euro quotes to 1.2171 (upper Bollinger band). We also note a weak ADX here.

Н1: there is a trendy bullish ADX pressure on the hourly chart, so today a short-term impulse rise to 1.2144 and 1.2177 is possible.

Conclusions: growth to 1.2177 and possibly 1.2199. After that, a downward reversal can be expected.
Trading solutions:
1. Buy to 1.2177 and 1.2199.
2. Sales from the 1.2199 zone.