Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Expansion of the euro’s structure to the upside continues, however if this expansion goes inside a wide “megaphone”, then we can see a steep decline from any serious resistance. Such barriers could be the 1.1350 and 1.1400 marks.

But so far everything speaks for growth continuation.

1-chart:

Local upward structure forms a trending swing, therefore a threat of break of the closest high (1.1347) is very high. Thus bulls will have a big temptation (and a chance) to test the psychological level 1.1400.

Conclusions:

Main scenario: Growth in direction 1.1400.

Alternative scenario: Weakening of growth at the 1.1350 level and steep reversal.

Trading recommendations:

  1. Longs towards 1.1400.

  2. Seeking for local short-signals at the 1.1350 and 1.1400 levels.

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