Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

We should acknowledge that market is mixed despite quite high volatility. ADX indicator readings are at flat level, therefore we can get an extension of tendency for mixed nervous moves.

In general, the major resides in the lower Bollinger bands making possible testing of the lower band (1.0752). Euro most likely won’t be able to drop below this mark so far.

H4-chart:

Locally trending dynamics of ADX indicator is also absent. Therefore we can expect testing of the wide support zone 1.0752-1.0786 and following reversal in direction of the upper border of flat (1.0871).

H1-chart:

Intraday ADX grows, therefore we can get a “pin” at 1.0786, which will reach 1.0752. We can utilize such move for getting better buy points.

 

Expectations:

Main scenario: Decline to 1.0786 and then reversal in direction 1.0829.

Alternative scenario: Decline to 1.0752 with following upward reversal.

Trading recommendations:

  1. Shorts to 1.0786 and 1.0752.

  2. Seeking buy signals at 1.0786 and 1.0752.

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