Currency pair has a lengthy flat around the area of middle Bollinger band (7.0268). In case of losing this support bear will get an opportunity of decline to lower Bollinger bands, that would space for movement towards 6.9858. However following passive ADX indicator we can conclude that this won’t happen today.
Local upward phase of the movement is limited by dynamic resistance 7.0464 (upper Bollinger band), where we can expect a downward reversal again towards support 7.0268. It looks like the pair will stay in this channel for a long while yet.
Local intraday boundaries of the sideways channel is the scope of Bollinger bands (7.0307-7.0414). It’s quite enough for short-term trades, but the thing is that boundaries of the range are not always being tested exactly, that is inherent to flat market.
Flat in the 7.0307-7.0414 range.
Trades to both sides inside the 7.0307-7.0414 channel.