Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Bulls easily handled pivot-zone 1.1606-1.1656 and round level 1.1700. There are no any doubts that the next prey of buyers will be the 1.1800 mark. Moreover it’s quite likely to take place even today - ADX is at its highest.

H4-chart:

Local ADX is also in a trending zone, therefore no matter how strong is our wish to buy euro during pullback to broken PPZ 1.1607-1.1656, such mission might be impossible today. The most likely scenario is extension of growth from current levels.

H1-chart:

Strong overbought conditions and corrective dynamics of hourly ADX may suggest the market needs a short breather. Strong zones of support and resistance are 1.1685-1.1700 and 1.1728-1.1740.

Conclusions:

Main scenario: Flat in the 1.1685-1.1740 range.

Alternative scenario: Growth to 1.1800.

Trading recommendations:

Longs from 1.1685-1.1740 to 1.1740 and 1.1800.