Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

There are all signs of downward reversal of the pair from 1.0966 (upper Bollinger band) - bands are stable, reside in horizontal position and ADX is in flat zone. This makes break above 1.0966 unlikely.

In case such scenario is confirmed, the quotes will start to slide in direction of support levels 1.0856 and 1.0747.

H4-chart:

As we see there is certain likelihood of a short-term momentum to 1.0991, where the upper Bollinger band resides now. Thus optimal selling tactics today will be placing limit orders at 1.0991-1.1000 reckoning on quite sharp downward move of the price in direction 1.0856-1.0873.

H1-chart:

We note consolidation range within Bollinger bands (1.0917-1.0960). ADX here stands in a strong zone that also points to probability of movement to 1.0991-1.1000.

 

Expectations:

Main scenario: Growth to 1.0991-1.1000 and then downward reversal in direction 1.0917 and 1.0856.

Alternative scenario: Decline to 1.0856 from current levels.

Trading recommendations:

Shorts from 1.0960 and 1.0991-1.1000.

 

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