Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

The major keeps a flat 100-point range within the upper Bollinger bands (1.1770-1.1867). Activity of ADX indicator is on an extremely weak level, therefore we can expect a retention of this tendency.

H4-chart:

Locally the euro consolidates within the lower Bollinger bands (1.1801-1.1842) on the back of passive ADX. Exit beyond the mentioned channel today is unlikely.

H1-chart:

We note a number of strong supports that can meet the market during the day: 1.1820, 1.1801, 1.1790. Growth to 1.1842 might take place from each of them.

Conclusions:

Main scenario: Flat in the 1.1801-1.1842 range.

Alternative scenario: A slight false downward break of 1.1800 followed by an upward bounce off 1.1790.

Trading recommendations:

Short-term trades in the 1.1801-1.1842 range.

 

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