Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Market switched to downward wave, which predictably was triggered by the psychological resistance 1.1000. ADX readings are weak, therefore overall potential of decline to 1.0747 (lower Bollinger band) will need more than one session to be off-loaded.

H4-chart:

Local strong support 1.0900 at the lower Bollinger band today most likely won’t let bears go lower that is indicated by weak trending potential of ADX indicator.Thus we can consider a pullback to the middle band (1.0950).

H1-chart:

Intraday dynamics of ADX indicator is at a trending level. We have an arguable situation with respect to the key level 1.0900. Shorts look more preferable.

 

Expectations:

Main scenario: Decline to 1.0867.

Alternative scenario: Flat in the 1.0900-1.0950 range.

Trading recommendations:

Shorts to 1.0900 and 1.0867. 

 

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