Decrease in the direction of 113.37

02.11.2021

Daily chart: as expected, the upward wave did not develop – ADX is correcting, so further formation of the “bullish flag” can be expected.

Н4: the bulls failed to break through the local upper Bollinger band, which contributes to the development of a downward correction in the direction of 113.88 and 113.37 (middle and lower Bollinger bands).

Н1: in the support zone at 113.86-113.93, there is substantial bearish ADX pressure, which indicates a high probability of a breakdown downward and a further drop in quotations.

Conclusions: decline in the direction of 113.37.
Trading decisions: selling to 113.37.