Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Euro retains potential for growth in direction of the psychological zone 1.1500-1.1515. ADX readings climbed to trending level, therefore further upward advance of the major is a prevailing further scenario.  

H4-chart:

Local ADX didn’t enter the area of trending activity so far, therefore the major can keep consolidating for a while within the upper Bollinger bands (1.1421-1.1460).

H1-chart:

Local upward phase is capped by the upper Bollinger band (1.1466). Bollinger bands keep sideways trend and ADX activity here is on a flat level as well. Thus a forecast for the day is flat.

Conclusions:

Main scenario: Flat in the 1.1412-1.1466 range.

Alternative scenario: Growth to 1.1500.

Trading recommendations:

  1. Shorts-term trades in the 1.1412-1.1466 range.

  2. Mid-term longs from 1.1421 to 1.1500.