Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Utmost weakness of the buyers yesterday was exhibited in a situation when they were unable to move up even for a while having such a strong setup as a bullish inside bar. At the same time support for the euro at the lower Bollinger band (1.2115) remains in place.

H4-chart:

Local trading down inside the lower Bollinger bands (1.2126-1.2168) goes amid high trending readings of the ADX indicator. This points to the existing probability of downward break.

H1-chart:

Intraday there are no tangible signs of getting out of the sideways channel: strong support zone 1.2140-1.2146 in the area of the lower Bollinger band with resistance at the upper band (1.2168-1.2175).

Conclusions:

Main scenario: Flat in the 1.2140-1.2175 range.

Alternative scenario: Decline to 1.2115-1.2120.

Trading recommendations:

Short-term trading to both sides inside the 1.2140-1.2175 range.

 

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