Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Bears have successfully pierced the support 1.1342 yesterday, therefore most likely a probe of the 1.1300-1.1308 area is ahead of us today, where it’s probable to see demand for the euro, that would form a tip of downswing and a long-signal, as a  consequence.

H1-chart:

Downward structure got a higher low yesterday and it’s one of the necessary, but not enough, conditions for the downtrend halt. The second such condition is break of the closest high of the structure and it didn’t happen. Most likely the market stopped for a slight consolidation before launch of one more trending downswing to the 1.1300-1.1308 zone.

Conclusions:

Further decline in direction of the 1.1300-1.1308 area.

Trading recommendations:

  1. Shorts towards 1.1300-1.1308.

  2. Seeking for probable long-signals at the 1.1300-1.1308 zone.

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