Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

The euro is getting ready to settle above the mid-term resistance 1.2197-1.2200. The bulls have a dominating position amid strong trending pressure from the ADX.

H4-chart:

Locally by the hour close a break of the upper Bollinger band is recorded, which is one of the strong signals of the main tendency extension. We should consider long trades only on such a market.

H1-chart:

Intraday dynamics of the ADX also corresponds to a clear-cut bullish scenario for today. We expect the pair at the next round marks 1.2250 and 1,2300 (black arrow).

We can consider a pullback of the rate to the middle Bollinger band as a probable alternative (1.2150-1.2160, red trajectory).

 

Conclusions:

Main scenario: Growth to 1.2250 and 1.2300.

ALternative scenario: Pullback to 1.2150-1.2160 followed by extension of growth to 1.2250.

Trading recommendations:

Longs to 1.2250 and 1.2300.