Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

The euro has reached the upper boundary of the Bollinger bands (resistance 1.2189-1.2200). On the back of relatively weak pressure of ADX we can assume that the bulls won’t be able to pass this barrier that would drive to correction of the pair in direction of the middle Bollinger band (1.2093-1.2120).

H4-chart:

Locally the pair is traded up in direction of the upper Bollinger band (1.2189), therefore long trades remain in priority so far. We can consider longs from the support zone 1.2110-1.2120. Also this support zone is a target for short trades from 1.2189-1.2200.

H1-chart:

Intraday we note a low trending potential, therefore the most expected scenario is flat inside the Bollinger bands (1.2120-1.2189).

Conclusions:

Main scenario: Flat in the 1.2120-1.2189 range.

Alternative scenario: Decline to 1.2093.

Trading recommendations:

Trading to both sides inside the 1.2120-1.2189 range.

 

New articles