Relatively low trending potential that is showed by ADX indicator suggests probable low volatility of the market. The price remains within the lower Bollinger band (1.0752-1.0856 range). These 100 pips have to suffice for intraday movements in the coming days.
We’ve got a short-term buy signal - bullish inside bar from the lower Bollinger band. We expect growth of the quotes to the upper Bollinger band (1.0856). At the same time we note here a weak trending potential of ADX, therefore the major is unlikely to move higher.
On hourly chart we can observe synchronous growth of RSI oscillator and ADX indicator readings with respect to growth of the quotes. Thus the upper Bollinger band (1.0830) will get under pressure of buyers and almost for sure will get broken.
So, we expect growth to 1.0856 with following downward reversal.
Longs to 1.0856.
Shorts from 1.0856.