Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Bears confidently posted a new low of the structure yesterday and they quite allow the market to correct the prices substantially to the upside before probable continuation of mid-term decline.

There are premises for such correction: we see, that euro is being traded inside the yesterday’s range (inside bar) and if the day closes in this way, this might become quite a strong buy signal and, correspondingly, a signal for new upswing start.

H1-chart:

Local downward structure is forming a corrective upswing. Optimal height of pullback is the pivot-level 1.1313.

This quite works with scenario of daily inside bar forming with the probable high at the 1.1329 handle.

Conclusions:

So, we expect growth of the quotes in direction of the 1.1313-1.1329 area.

Trading recommendations:

  1. Longs towards 1.1313-1.1329.

  2. Seeking for probable short-signals at the 1.1313-1.1329.

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