Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

Upper Bollinger band remains above the current price at 1.1825. Thus it’s likely that euro will test this level before switching to correction.

H4-chart:

There are signs of buyers’ weakness on local charts as well. For instance, explicit bearish divergence of the price with RSI oscillator. The range of probable trading is Bollinger bands (1.1689-1.1786).

H1-chart:

We note the strong intraday support area 1.1717-1.1740. Here we also have divergence that confirms mid-term reversal scenario. But today most likely we’ll see one more testing of the upper boundary 1.1786-1.1800, where we can assess the opportunities for short trades for the whole next week.

Conclusions:

Upward bounce off support zone 1.1717-1.1740 and growth to 1.1786-1.1800.

Trading recommendations:

Longs from 1.1717-1.1740 to 1.1786-1.1800