ADX indicator gains trending power in favor of further active sell-offs! Today we expect break of support 14.5438 at lower Bollinger band and further drop of the quotes in direction of 14.1284-14.2698 region.
Local downward tendency is in place as well. Though RSI oscillator continues to converge with price chart that may point to a probable weakness of sellers.
Nevertheless ADX indicator resides in a strong trending area, therefore scenario of further decline remains the single option.
Right now strong support 14.6023 is being tested, where there is a risk of “double bottom” pattern forming. But here we also have to note strong bearish ADX. Thus we expect break and further decline.
Decline towards 14.5438 with aim at 14.1284-14.2698.
Shorts towards 14.5438 and 14.1284-14.2698.