Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

So, bears were unable to overcome support at 1.1600-1.1615 having received a counter bullish inside bar. Such formation is a solid signal for development of upward correction with growth potential at the area of the middle Bollinger band (1.1772). 

 

H4-chart:

The major consolidates in the range formed by support 1.1605-1.1615 and resistance 1.1700-1.1710. Once the upper boundary of consolidation is broken, the euro will get the room for further recovery to 1.1750-1.1772.

 

H1-chart:

We note local intraday levels of demand and offer: 1.1650 (lower Bollinger band) and 1.1690 (upper Bollinger band). ADX indicator resides in a strong trending zone, therefore there are big odds for a break of this channel.

 

Conclusions:

Main scenario: Growth to 1.1750-1.1772.

Alternative scenario: Continuation of potential accumulation in the 1.1650-1.1690 range.

Trading recommendations:

Longs to 1.1750-1.1772.

 

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