Quite high trending upward pressure is still in place. It looks like bulls will manage to reach the next round level 1.1700 in case of confident settling above the 1.1600 mark.
The closest strong dynamic resistance stands at 1.1659 (upper Bollinger band). Support is 1.1600.
Also we need to note tangible slowing of ADX growth and also the signs of RSI oscillator divergence that may suggest upcoming downward reversal.
Extremely low activity of ADX indicator which is inherent to flat market. Given the specific tone of Friday’s session we can’t rule out that euro will stay in the 1.1600-1.1634 channel for the whole day.
Main scenario: Flat in the 1.1600-1.1634 range.
Alternative scenario: Growth to 1.1659 and then downward reversal in direction 1.1600.
Seeking local short-term signals to both sides at 1.1600, 1.1634, 1.1659.
Aggressive traders can keep on moving upwards with the trend buying out any corrections to 1.1600.