Bullish trending pressure can be observed, therefore, the major, shortly, can “shoot” beyond the upper Bollinger bands.
Downward dynamics of the market preserves in direction of the 5837.62 handle (lower Bollinger band). Growth of ADX activity is moderate, therefore, decline may have smooth mode as well.
Yesterday’s close in the shape of bullish inside bar at the edge of downswing can become the start of new upswing in direction of the high 222.88.
Bulls were able to refresh the high a little bit yesterday, but the resistance area 1.1724-1.1733 is still solid, therefore, we can expect start and development of the downswing.
Today, EUR / USD is trading with a slight gains relatively to the opening price.
On Tuesday, with the start of US trading session, dollar sales resumed.
As we see, bulls don’t cease attempts to break upper Bollinger band (112.31), that can drive to powerful momentum beyond the upper bands. Though, ADX is just gaining energy, therefore, delay of upward movement till tomorrow is possible.
Market has clear bearish momentum - sellers absorb in one bar all the weekly achievements of buyers. Therefore we can expect further development of downward wave in direction of lower Bollinger band (5858.63).
