The major is being traded in the most unsuitable range for traders - in the middle of upper Bollinger bands, where both moves are equiprobable - either extension of upward wave towards upper band (109.00) or downward correction towards middle band (107.00). Such scope of 200 pips prompts to search for trading opportunities on junior time-frames.
Bullish inside bar is potentially being formed at the area of strong local support 107.80 (lower Bollinger band) that, on the back of weak ADX, suggests probable flat scenario for today. Resistance 108.42 (upper Bollinger band) will cap the range from the upside.
We note the presence of broken lower Bollinger band, which is a sign of quotes’ decline continuation. We expect touch of middle Bollinger band (108.19 region) and further decline towards support 107.83.
Testing of 108.19 and following decline towards 107.83.
Shorts from 108.19 to 107.83.