Technical analytics

EURUSD market technical outlook


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. 


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


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. 


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).