Technical analytics

EURUSD market technical outlook

EURUSD

Daily chart:

There are 100 points to the “magic level” 1.2000. Does anyone doubt bulls will nail that?

This area is also is interesting for sellers beside direct interest of buyers - market is very overbought, therefore here most likely will be concentrated a limit belt of pending sell orders. 

H4-chart:

Very active trending ADX indicator also clearly suggests extension of bullish scenario for euro. No shorts until 1.20.

H1-chart:

Local dynamic resistance at 1.1930 (upper Bollinger band) might trigger a slight downward pullback to PPZ 1.1890-1.1900. Such correction might be utilized to join the upward movement to 1.2000. 

Conclusions:

Growth to 1.2000. We can’t rule out a prior intermediate pullback to 1.1890-1.1900.

Trading recommendations:

Longs to 1.2000 (optimal entry point is 1.1890-1.1900).