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4-hour timeframe
Technical details:
The senior linear regression channel: direction - up.
The junior linear regression channel: direction - down.
Moving average (20; smoothed) - down.
CCI: -143.3748
On the fourth trading day of the week, the EUR / USD currency pair continues a slight downward movement. Recall that the average volatility of the instrument now does not exceed 40 points per day, although on the chart it may seem that this indicator is much higher. The downward movement is almost recoilless, which is very good for traders. In recent weeks, the situation in technical terms does not change at all. The pair continues to be between the levels of 1.1500 and 1.1290 and is now definitely moving towards the lower boundary of this range. In fundamental terms, there is nothing special to note now. Recent important data from the US markets simply ignored. There have been no important macroeconomic reports from Europe lately. All the attention of traders today will be focused on the events in London and Brussels, and all the main events of the day will be connected with the Bank of England and the Brexit negotiations between Theresa May and Jean Claude Juncker. Thus, we believe that low instrument volatility will remain today with the downward trend remains. In any case, the reversal of the Heikin Ashi indicator to the top will signal a coil of upward correction.
Nearest support levels:
S1 - 1.1353
S2 - 1.1292
S3 - 1.1230
Nearest resistance levels:
R1 - 1.1414
R2 - 1.1475
R3 - 1.1536
Trading recommendations:
The currency pair EUR / USD continues to move down. Therefore, it is now recommended to trade short positions with the first goal of 1.1353, and in the case of overcoming this target, with the goal of 1.1292. Manual reduction of short positions will be possible when the Heikin Ashi indicator turns up.
Purchase orders will become relevant no earlier than the price fixing above the moving average line. In this case, we will again expect an upward movement with the first target of 1.1475.
In addition to the technical picture should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
The senior linear regression channel is the blue lines of the unidirectional movement.
The younger linear regression channel is the purple lines of the unidirectional movement.
CCI - blue line in the indicator window.
The moving average (20; smoothed) is the blue line on the price chart.
Murray levels - multi-colored horizontal stripes.
Heikin Ashi is an indicator that colors bars in blue or purple.
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