Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

We can place on record a false break of the 1.1260 level by the end of yesterday’s session. Given that the psychological level 1.1300 was also tested and afterwards the major slumped, we can make a clear-cut conclusion, that upswing is completed.

Thus after a pullback to the 1.1260 level an intensive decline of the single currency quotes will be triggered in direction 1.1173 (and lower, beyond the day).

On hourly chart an uptrend preserves so far, but due to conclusions from the above daily chart we can suppose, that the major will face sell-offs at the 1.1250-1.1270 area, where the local pivot resides (watch the yellow area).

 

Conclusions:

So, we expect growth of the euro to the 1.1250-1.1270 zone and after that the pair will plunge in direction 1.1173.

Trading recommendations:

Shorts from the 1.1250-1.1270 zone towards 1.1173.

 

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