Decline to 1.3753

29.10.2021

Daily chart: a substantial upward rebound from the middle Bollinger band (1.3706), which occurred yesterday, is not accompanied by an increase in ADX indicators, which indicates that there is no trend potential on the side of the bulls. Therefore, a rollback of quotes to the original levels is quite possible.

Н4: strong local dynamic resistance 1.3809 (upper Bollinger band + round level) has already been tested, which may cause the market to move into a downward phase in the direction of 1.3763 and 1.3717.

Н1: the hourly upper Bollinger band has not been tested yet (1.3816), so we will not exclude the scenario of another upward wave. But, if the price goes into the lower envelope, then the main expectation from today’s trading will be testing of the support zone 1.3753-1.3763.

Conclusions:
The main scenario is a decline to 1.3753.
An alternative scenario is an upward rebound from 1.3785 and growth in the direction of 1.3816.
Trading decisions: selling to 1.3753.