Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

The major is poised to test the support zone 1.1290-1.1302, where according to substantial decrease of bearish dynamics we’ll see fresh buy bids from big players. Thus we can get a mid-term signal to buy the euro within new upswing during a couple of upcoming days.

H1-chart:

Local structure has downward status but forms a corrective swing now. Critical resistance level the downtrend is the last high of the structure (1.1350). Most likely, we’ll see one more downswing from the 1.1320-1.1350 area towards 1.1290-1.1302.

Conclusions:

So, we expect touch of the 1.1320-1.1350 zone and then new decline of the quotes to the 1.1290-1.1302 region.

Trading recommendations:

  1. Shorts from the 1.1320-1.1350 area towards 1.1290-1.1302.

  2. Longs from the 1.1290-1.1302 zone.

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