Flat forecast

31.05.2021

Daily chart: the bulls were unable to overcome the 110.03 barrier in the upper Bollinger band, which led to the formation of a pin-shaped bar on Friday and a sharp decline in ADX indicators. Probably, the pair will be corrected in the direction of the middle Bollinger line (109.21).

Н4: strong local support at 109.49 (Bollinger middle line). The ADX has no breakdown potential, therefore, today a decline in quotes below this zone is unlikely.

Н1: potential intraday trading range will be limited by the size of Bollinger envelopes (109.56-110.07). ADX indicators are at the flat level.

Conclusions: flat in the range 109.56-110.07.
Trading decisions: short-term deals in the range of 109.56-110.07.