Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

The middle Bollinger band (1.1772-1.1790) wasn’t tested, therefore we can consider a downward reversal of the euro only after touching it.

H4-chart:

Here a bearish pinbar was formed after a touch of the resistance zone 1.1760-1.1772 making possible a reversal from current levels. However the euro scarcely will go below the strong dynamic support at the area of the middle Bollinger band (1.1676) today. 

H1-chart:

Pivot-zone 1.1725-1.1731 (middle Bollinger band) is being tested on the hourly chart. It’s capable of sending the major to one more testing of 1.1750-1.1759. Thus it’s better to wait for one more upward pullback to this zone for opening short-trades.

Conclusions:

Main scenario: Upward bounce off 1.1725 to 1.1750-1.1759. Then a downward reversal and decline in direction 1.1685-1.1700.

Alternative scenario: Break of support 1.1725 and decline to 1.1700 and 1.1685.

Trading recommendations:

  1. Longs from 1.1725 to 1.1750-1.1759.

  2. Shorts from 1.1750-1.1759 to 1.1700 and 1.1685.

  3. Longs from 1.1685.

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