The area of the middle Bollinger band (1.1772-1.1780) wasn’t tested after all, therefore we still expect a touch of this zone before correction is over. ADX indicator resides in a way too weak zone to let bulls reckon on a break of this resistance.
Local ADX on the contrary has trending dynamics adding to the list of today’s probable scenarios an option with a break of the resistance zone 1.1772-1.1780 (red arrow). In this case the major would be able to recover by more than 100 points to 1.1875-1.1880.
Support that holds the mid-term uptrend is 1.1700-1.1724 (middle Bollinger band).
Bulls are attacking resistance 1.1750 on the back of soft ADX readings that doesn’t rule out a scenario of downward pullback of the price in direction 1.1700. However this scenario will be just an alternative under such circumstances.
Main scenario: Growth to 1.1772-1.1780 followed by a downward reversal.
Alternative scenario: Downward reversal from 1.1750 and decline to 1.1700.
Longs to 1.1772-1.1780.
Shorts from 1.1772-1.1780 to 1.1780.