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Hello, dear colleagues!
During the current five-day trading period, the euro/dollar currency pair continues to trade in the range of 1.1352-1.1185.
Daily
This is the trading range observed since June 16, and it is very clearly visible on the daily chart of the main currency pair of the Forex market. It is likely that in the near future, the euro/dollar will continue to maintain a bullish mood, however, much will depend on the ability of the euro bulls to overcome very strong resistance from sellers, which is located near the significant technical level of 1.1350. Only a true break of this mark will open the road in the north direction, where the nearest target will be the maximum trading values on June 10 at 1.1422. If this level is passed, the upward movement will probably continue and the pair will test the most important psychological and technical level of 1.1500.
Very serious support is observed in the price zone of 1.1185-1.1165. If this zone is broken and the euro/dollar pair is fixed below 1.1165, it is highly likely that the bears are the masters of the market.
In yesterday's trading, the pair declined, closing Tuesday's session at 1.1272. Despite the fact that the trading of the last two days ended above the Kijun and Tenkan lines of the Ichimoku indicator, players on the increase in the exchange rate still do not manage to gain a foothold above another important and significant mark of 1.1300. If this does not happen in the next few days, there will be significant risks for a turn in the southern direction. If market participants choose this route, the decline will be confirmed by candle signals on the daily, four-hour and hourly charts of the euro/dollar.
H4
In this timeframe, the quote rose above 89 exponential and 50 simple moving averages, fixed above them much more than three candles in a row, and at the moment of writing is preparing to give a pullback to the broken moving averages.
If trading takes place in this scenario, you need to track the appearance of reversal candle signals near 1.1255, and if they appear, try buying the euro/dollar pair. Another option for opening long positions will be the appearance of bullish candle analysis models in the strong price zone of 1.1195-1.1165. At this stage, sales remain relevant, which are better to look for on the hourly chart of the pair.
H1
In this timeframe, trades are conducted between the orange 200 exponential moving average and 50 simple moving average, which serve as support and resistance, respectively. At the same time, it is worth noting that at the end of this article, the price bounces from 200 EMA and the current candle may form a long lower shadow, which will be perceived as a reluctance of the market to decline. If such a situation occurs, you will be able to try buying with the removal of the stop under the long tail of the circled candle and goals in the area of 1.1295-1.1300.
In case of growth in the area of 1.1295-1.1300, where there are 50 MA and a strong technical level of 1.1300, and the appearance of bearish candle signals there, it will be possible to open potentially profitable short positions.
And I would like to note that today's economic calendar is not full of important macroeconomic statistics, so the trading will be under the influence of technical factors, as well as the impact of market sentiment may have fresh data on the spread of COVID-19. Let me remind you that the United States still holds the lead in the world in the daily number of people infected with a new type of coronavirus.
Good luck with trading!
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