08.02.201906:21 Forex Analysis & Reviews: Trading recommendations for the EURUSD currency pair - placement of trading orders (February 7)

The Euro / Dollar currency pair for the last trading session again showed a low volatility of 50 points, but even with this intensity of movement, the direction of movement remains unchanged. From the point of view of technical analysis, we see the execution of all previously set forecasts, the price has reached two control points of 1.1400 ---> 1.1350, while maintaining the inertial move. The news background had the speech of the President of the United States Donald Trump in Congress, where he was inspired to talk about his successes in the development of the US economy, and that he did not plan to stop and was ready to do anything to achieve the goal. These statements went into the piggy bank dollar and, as a fact, its further growth on all fronts. Next, we have the news from the old world, of course, we are talking about Brexit. This time there was a rumor that that the British Prime Minister plans to postpone the date of the next parliamentary vote from February 14 to a later time, presumably February 25. The given step if will be, it is justified by the absence of any decisions regarding the agreement. Finally, from the plans of the current day, traders are waiting for the meeting between Theresa May and the head of the European Commission Jean-Claude Juncker in Brussels, where Theresa will hold regular talks regarding the Brexit agreement. The prime minister's goal is one - to persuade the EU to make changes to the Brexit agreement, in particular Northern Ireland, but that in return it will receive the same phrase "The current agreement is the best agreement possible", the likelihood is very high. He is, then, justified by the absence of any decisions regarding the agreement.

Further development

Analyzing the current trading chart, we see an intensive descending move, where the quote has already overcome the second projected coordinate of 1.1350. It is likely to assume that traders are oriented towards the main range level of 1.1280 / 1.1300, where the price has repeatedly felt support.

Based on the available data, it is possible to decompose a number of variations, let's consider them:

- Positions for purchase are considered already within the range of 1.1280 / 1.1300 in the case of stagnation and subsequent refinement.

- Positions for sale, as he wrote in the previous review, traders started the Gulf in short positions from the level of 1.1440. The first two points have already been reached 1.1400-1.1350. Now traders are waiting for the finish in the face of the range level of 1.1280 / 1.1300.

Analyzing the different sector of timeframes (TF ), we see that in the short, intraday and medium term, there is a downward interest against the general background of the market.

Key levels

Zones of resistance: 1.1350 *; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100

Support areas: 1.1300 **; 1.1214 **; 1.1120; 1.1000

* Periodic level

** Range Level