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4-hour timeframe
Technical data:
The upper linear regression channel: direction – up.
The lower linear regression channel: direction – up.
The moving average (20; smoothed) – up.
CCI: -130.7542
The last trading week and month for the EUR/USD pair ended with a decline to the moving average line as part of the ongoing correction. Most of all, traders were interested in negotiations between the leaders of China and the US at the G20 meeting, which began on Friday and continued on the weekend. However, the markets had to be disappointed in this meeting, as Trump said that the meeting was productive, but no more information on this matter was received in the media. The US President said that the meeting with Xi Jinping was very positive and that the talks are continuing. Until the completion of the negotiations, all already imposed duties on Chinese imports will continue, but new ones will not be introduced. At least Trump thinks so now. And that will be in a week, nobody knows. Trump also allowed American technology companies to trade with Chinese Huawei, which had previously been blacklisted by the US Department of Commerce. In general, we can say that there was no special reaction from the market participants, because there was no particularly important information from the G20 summit. Thus, the euro is still holding the lead in the pair with the US dollar. Today in the EU and the USA, index of business activity in the sectors of production in June will be published. US figures may fall again compared to the previous month, which will allow traders to start buying the euro again.
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 EUR/USD currency pair continues its downward correction to the moving average line. Thus, it is recommended to wait for the reversal of the Heiken Ashi up or rebound from the moving and buy the pair again with a target at the level of 1.1414.
It is recommended to buy the US dollar after traders consolidate below the moving average line, which will change the trend to a downward one, with the first target of 1.1292.
In addition to the technical picture should also take into account the fundamental data and the time of their release.
Explanation of illustrations:
The upper linear regression channel – the blue line of the unidirectional movement.
The lower linear regression channel – the purple line of the unidirectional movement.
CCI – the 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.
Heiken Ashi is an indicator that colors bars in blue or purple.
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