Flat forecast

03.03.2021

Daily chart: the upper Bollinger band remains in the 107.01 zone, from where the bearish pinbar was formed yesterday. ADX potential is still maintaining the trend level, therefore, in case of renewal of the maximum, the pair may again move into an upward rally in the direction of 107.50 and 108.00.

Н4: the narrowing of the local Bollinger envelopes indicates either a possible preparation for a downward reversal, or a potential upward impulse. Therefore, the control zone of resistance is 107.01, the support is at 106.67.

Н1: the intraday Bollinger envelopes keep the sideways corridor 106.67-106.91, against the background of the ADX indicator’s transition into correction. Therefore, the entire trading session today can take place in this corridor.

Conclusions: flat in the range 106.67-106.91.
Trading decisions: short-term deals in the range 106.67-106.91.