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Expert In



EUR / USD. April 29th Trading system "Regression Channels". Boring Correction Monday

4 hour timeframe


Technical details:

Senior linear regression channel: direction - down.

The younger linear regression channel: direction - down.

Moving average (20; smoothed) - down.

CCI: -38.4089

On Monday, April 29, the EUR / USD currency pair began to be adjusted, as evidenced by the purple bars of the Heiken Ashi indicator. In principle, we wrote last week that Friday and Monday may be corrective. And it therefore, turned out to be. Euro currency declined strongly against the US dollar last week. This week the main question is whether the pair will manage to keep the downward trend. We can find out the answer to this question for today or tomorrow, since the pair must work out a moving average. From which, it will either rebound or overcome. In the first case, the downward movement will most likely resume. Strong reports from America on changes in personal incomes and expenditures of the US population in March may support the American currency, but in general, these reports are not strong. No other macroeconomic publications are planned for today. In the case of overcoming the MA, the trend will change in the short term to an upward trend, but the bulls are still weak and do not have serious fundamental support. Both linear regression channels are directed downwards, which eloquently indicate the direction of the trend in the medium and long term. There is still no new information on the topic of trade war.

Nearest support levels:

S1 - 1,1108

Nearest resistance levels:

R1 - 1.1169

R2 - 1.1230

R3 - 1,1292

Trading recommendations:

The EUR / USD currency pair has begun to adjust. Thus, now it is still recommended to consider short positions with the target of 1.1108, but this will be after turning the Heiken Ashi indicator down.

Buy positions are recommended to open no earlier than fixing the pair above the moving average line with the first target of 1.1230. The fundamental factor does not give grounds to assume that MA will be overcome in the near future.

In addition to the technical picture, the fundamental data and the time of their release should also be taken into account.

Explanations for illustrations:

The senior linear regression channel refers to the blue lines of unidirectional movement.

The younger linear regression channel refers to the violet lines of 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.

Heiken Ashi is an indicator that refers to the colored bars in blue or purple.

The material has been provided by InstaForex Company -