Sellers’ advantage

22.11.2021

Daily chart: bears showed who is boss on Friday, bringing quotes down to a new minimum! Correction expectations turned out to be unjustified, which was due to the lack of a direct signal to buy.

Н4: despite the new minimum, sellers failed to fix the breakdown of the lower Bollinger envelope. There is also a clear bullish convergence of the price with the RSI oscillator, which is a reversal signal. An argument in favor of a further fall is the trend ADX, which, of course, is the dominant factor.

Н1: the hourly lower Bollinger envelope has been broken, so the euro can be expected at a minimum in the support zone of 1.1255, where the lower Bollinger band is located. But, taking into account an active ADX, it is probably lower.

Conclusions: decline to 1.1255 and 1.1200.
Trading decisions: selling to 1.1255 and 1.1200.