Currency pair is traded in the middle of the upper Bollinger bands range keeping chances for extension of upward correction in direction of the middle Bollinger band (0.7208). Once this level is tested, we would be able to consider shorts in direction of the mid-term support 0.7016.
We note relatively low trending potential of ADX and also the closest strong resistances at 0.7152 and 0.7208 (H4-upper and daily upper Bollinger bands respectively).
Intraday potential is on a low level. Besides that ADX indicator continues to decline. Thus the volatility of the pair will be confined within 50 pips for a while (the range of Bollinger bands, 0.7100-0.7152).
Flat in the 0.7100-0.7152 range with probable move to 0.7208 by the end of the week.
Short-term trades in the 0.7100-0.7152 range.
Mid-term shorts from 0.7208.