Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Bulls eventually failed to overcome a barrier in the shape of resistance 1.1276-1.1286 and due to this upswing got a kind of pin on its tip, that might become a start of new downswing (watch the blue arrow).

However close of the market yesterday was higher than the opening price, therefore we can’t rule out a probability of upward break towards 1.1348 as well (watch the black arrow).

H1-chart:

Locally the euro consolidates in the range of last swing (1.1244-1.1274) after bulls failed to post a new high for the structure. Correspondingly, today we can consider break of this range in any direction and following distribution to that side. 

Conclusions:

Main scenario: Upward bounce off the 1.1244-1.1250 zone and further growth in direction 1.1348.

Alternative scenario: Downward break of the 1.1244 level and decline towards 1.1200-1.1214.

Trading recommendations:

  1. Above 1.1244 - longs towards 1.1348.

  2. Below 1.1244 - shorts towards 1.1200-1.1214. 

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