Forex technical analysis helps to answer the questions: How to interpret Forex rates? Buy? Sell? Close a trade? Take profit or let it run for some more time? Will it face reversal or go trhough correction? Accept a loss and “flip over” or wait for some more time? Finally, how to define Forex trend?” All these questions drive a trader (mainly beginning) crazy, if he does not know the answer. By the way, who will dare to claim to know the answer? Forex exchange rates are cruel towards one's self-confidence and arrogant manner.
Nevertheless, it is subject to regularities and daily techical analysis forex. There are plenty of strategies on Forex trend lines. We are not so much interested with the direction of fx rate along major lines (this is interesting too, though) as with the Potential of the Forex trend. The main purpose of our Forex technical analysis report named "Potential of Trend" is to find if current price goes through correction either we face a trend.
Daily chart: bears destroyed yesterday pinbar with no help from ADX. In general, it confirms drop expectations towards 1.0580 (lower Bollinger band), however flat drop is also possible. Н4: here we are observing the price trapped inside lower Bollinger envelope range (1.0638-1.0701) Н1: locally
Daily chart: the pair still moves around middle Bollinger band (1.2445) ramping up potential. ADX is slipping and weak, so we are not expecting any changes today. Н4: horizontal flat corridor is inside Bollinger envelopes range (1.2400-1.2586). We can confirm bearish Over&Under pattern that we me
Daily chart: ADX/RSI sharply changed to correction, by this it confirms strong resistance level at 113.52 (middle Bollinger band). Н4: strong ADX, however, there are four pinbars in the row beyond Bollinger envelopes (that is reversal signal). In any case this chart needs correction towards 112.4