Technical analytics

EURUSD market technical outlook

EURUSD
Daily chart:

Testing of the lower Bollinger band (1.2109-1.2136) drove to forming of bullish inside bar yesterday - a tangible buy signal (in this kind of configuration). However today we don’t see trending potential from ADX. This may signify that upward movement will be postponed to another day.

Nevertheless we can mark supposed targets of buyers at 1.2272 and 1.2326.

H4-chart:

Locally the pair entered the range of the upper Bollinger bands, but so far it’s way bracketed between support 1.2189 and resistance zone 1.2220-1.2231.

Probably in this channel a tendency to trading and accumulation of volumes will remain in place.

H1-chart:

On the hourly chart the upper Bollinger band is situated at 1.2231-1.2238 being the closest target of buyers. Overall this area coincides with resistance on H4-chart.

Optimum zone for longing is 1.2189 (middle Bollinger band).

Conclusions:

Main scenario: Growth to 1.2231-1.2238. Prior pullback to 1.2189 may take place.

Alternative scenario: In case the 1.2231-1.2238 zone gets broken, growth of the quotes may reach 1.2272.

Trading recommendations:

Longs from 1.2189 to 1.2231-1.2238 and 1.2272.