Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

The structure has signs of expansion to both sides, that is inherent to market, which expects strong news. And today as we know NFP will be released, that virtually always leads to convulsions of the quotes. Technical levels of support and resistance today - 1.1215/1.1308.

90 pips for the euro isn’t too big range given the dense news background. But potential signals formed at the mentioned marks can have a higher probability of successful execution.

H1-chart:

Local structure resembles some terrible spider, but not a directed movement. Thus we can assert, that market doesn’t go anywhere so far, but standing by for clearness. Support is at 1.1242, resistance comes in at 1.1308.

Conclusions:

So, we expect trading in the 1.1242-1.1308 range with following momentum to break this range in any direction.

Trading recommendations:

  1. Trading inside the 1.1242-1.1308 range till release of the news.

  2. Trading to break the 1.1242-1.1308 range during issue of the news.

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