Sales after correction

04.08.2021

Daily chart: a bounce down from the upper Bollinger band (1.1901) leads to a clear development of a downward wave, which may test the Bollinger average line (1.1830) in the near future and then go into the lower envelope.

Н4: the local ADX is in a weak zone, therefore, the breakdown of the lower Bollinger envelope will probably be worked out through a rollback of quotes to the middle band (1.1873). Exactly from here it is recommended to consider selling the euro in the direction of 1.1830 and below that.

Н1: on the hourly chart there is also an attempt to break out the lower Bollinger envelope, and here we also see the absence of the ADX trend potential. Therefore, the scenario of an upward correction of the euro to the 1.1866-1.1873 zone is the main one.

Conclusions:
The main scenario is an upward rollback to the 1.1866-1.1873 zone, then a new downward reversal.
An alternative scenario is the continuation of the fall in quotations below 1.1800 from current levels.
Trading decisions:
1. Buying to 1.1866-1.1873.
2. Sales from the zone 1.1866-1.1873