Technical analytics

EURUSD market technical outlook

EURUSD
Daily chart:

The major remains in an upward phase of the sideways channel, therefore bulls have an opportunity for keeping pressure in direction of the resistance area 1.1916 (upper Bollinger band). Here we also have a mid-term offer zone.

 

H4-chart:

Local trading goes above the middle Bollinger band (support area 1.1839-1.1851) that also facilitates reaching of the resistance zone 1.1900-1.1916 by buyers.

H1-chart:

On the hourly chart a strong resistance is the upper Bollinger band (1.1870-1.1875) from where probably we’ll get a correction to the support 1.1830-1.1839. Thus we consider a complex mid-term zigzag: decline to 1.1830-1.1839, then growth in direction 1.1900-1.1916, then full downward reversal in direction 1.1765-1.1780.

Such a scenario apparently will go beyond one trading session.


Conclusions:

Decline in direction 1.1830-1.1839, then growth to 1.1875, 1.1900, 1.1916.

Trading recommendations:

  1. Shorts to 1.1830-1.1839.

  2. Longs from 1.1830-1.1839 to 1.1875, 1.1900, 1.1916.

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