As it was supposed the price couldn’t settle at new highs declining again in direction of the middle Bollinger band. Overall flat tone of the market doesn’t change so far, therefore trading range still can be limited by the upper Bollinger bands (40.38-42.48).
Oil falls actively, but potential of this decline is limited by support zone 40.38-40.88. It’s linked to a very low potential of ADX suggesting minor probability of break lower. Thus we can consider long trades from this zone in direction of the middle Bollinger band (41.45-41.57).
We confirm strong support zone 40.38-40.70. As well as on H4-chart there is no breaking potential of ADX here. Thus we expect touch of this zone and short-term recovery to 41.45-41.57.
Decline to 40.38-40.70 and then growth to 41.45-41.57.
Shorts to 40.38-40.70.
Longs from 40.38-40.70 to 41.45-41.57.