Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Euro confirmed a flat scenario keeping trading range within the upper Bollinger bands (1.1775-1.1900) as well as a typical passive ADX. Thus a further flat forecast remains actual.

H4-chart:

Measured local growth of the quotes is limited by resistance zone 1.1860-1.1871 at the upper Bollinger band. ADX readings suggest the absence of trending potential today, therefore we would again expect decline of the quotes from this zone in direction 1.1817 and 1.1785.

H1-chart:

On the hourly chart we note a tangible activity of ADX. Bulls managed to break the upper Bollinger band creating a signal of growth extension. We expect movement to 1.1860-1.1871 followed by a downward reversal.

Conclusions:

Main scenario: Growth to 1.1860-1.1871, then decline to 1.1827-1.1835.

Alternative scenario: Break to the round level 1.1900, where we can also expect a solid resistance and a downward reversal.

Trading recommendations:

  1. Longs to 1.1860-1.1871 and perhaps to 1.1900.

  2. Shorts from 1.1860-1.1871 and 1.1900.

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