Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Bears managed to get a close below the support zone 1.1625-1.1655. Trending pressure of ADX indicator is still in place, therefore a negative scenario for the euro prevails.

Mid-term target is 1.1377-1.1390.

H4-chart:

Local consolidation is being formed within the “bearish flag” pattern with key levels of support/resistance at 1.1605/1.1655. Downward movement will be triggered after the price moves below support 1.1605.

H1-chart:

Low trending potential of ADX indicator suggests Monday might prove not too volatile and the main phase of downward movement could be expected in the coming days.

Consolidation range is 1.1615-1.1655.

Conclusions:

Flat in the 1.1615-1.1655 range.

Trading recommendations:

Shorts from 1.1655 to 1.1615 ( and lower in the medium term).

 

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