Technical analytics

EURUSD market technical outlook

EURUSD

 Daily chart:

Struggle for the trend is in progress. On one hand, the bulls quite confidently settled above the middle Bollinger band (1.1837-1.1849). On the other hand - yesterday’s close in the shape of a bearish pinbar may signify weakness of the buyers at 1.1900. ADX potential declines, though the indicator remains in a trending zone. It looks like the way the session will close in relation to the resistance 1.1900 will play the key role today.

H4-chart:

Local upper Bollinger band resides at 1.1926-1.1940. Bullish potential remains in place, therefore testing of this area is highly likely.

H1-chart:

Intraday trending potential of ADX corresponds to a flat forecast and Bollinger bands keep horizontal mode of the trend. Support zone is 1.1848-1.1857 and resistance is 1.1895-1.1900. The most likely scenario today is price oscillations in this channel.

Conclusions:

Main scenario: Flat in the 1.1848-1.1900 range.

Alternative scenario: Growth to 1.1926-1.1940 followed by a downward reversal.

Trading recommendations:

Short-term trades to both sides from the boundaries of the 1.1848-1.1900 channel.

 

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