Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Euro as well as gold remains in an undisputed bullish trend against american dollar and there are virtually no doubts that buyers will test the next round level 1.1700 shortly.

H4-chart:

Local dynamic resistance stands at the upper Bollinger band (1.1623). As we see here bullish pressure of ADX is in place as well, therefore an upward break is a highly likely event.

H1-chart:

On hourly chart we observe rising intensity of ADX readings growth. It seems that once resistance 1.1600 is broken the velocity of the quotes’ growth will rise as well. It’s obvious that here the stops of bearish limit positions will be triggered boosting uptrend.

Conclusions:

Growth to 1.1650 and 1.1700.

Trading recommendations:

Longs to 1.1650 and 1.1700.