Consolidation of the market continues inside lower Bollinger bands (14.5247-14.7300). If solid macro-economic background wasn’t expected today, we could say major events for this asset will take place after the weekend. However today volatility can make some tricks.
Downward phase of the movement is limited by support at lower Bollinger band (14.5457), where we can expect an upward bounce in direction of PPZ 14.6908.
We note an important intraday dynamic support 14.6038, which makes the lower border of flat. If it’s broken the pair can make a shake-out to 14.5457 with following upward ejection (watch the red trajectory).
Main scenario: Decline to 14.5457 and then growth to 14.6800.
Alternative scenario: Flat in the 14.6038-14.6800 range.
Shorts to 14.5457.
Longs from 14.5457 to 14.6800.