Preparing for further decline

23.11.2021

Daily chart: the ADX indicator has not gained trending momentum yet, therefore, the scenario of a fall in quotations to the area of the lower Bollinger band (1.3267) may be postponed in time.

Н4: locally, we note the presence of selling pressure in the support area 1.3368 (lower Bollinger band). Therefore, a downward breakdown is possible.

Н1: intraday potential is also low. Probably, the market will need additional consolidation within the lower Bollinger envelope (1.3365-1.3403).

Conclusions:
The main scenario is flat in the range 1.3365-1.3403.
An alternative scenario is a decline in the direction 1.3300.
Trading decisions: selling from the 1.3403 zone to 1.3365 and 1.3300.