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EUR / USD. 20th of November. The trading system. "Regression Channels". Can the euro update the previous local maximum?

4-hour timeframe

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Technical details:The senior linear regression channel: direction - down.The younger linear regression channel: direction - down.Moving average (20; smoothed) - up.CCI: 114.5581The currency pair EUR / USD on Tuesday, November 20, continues its upward movement, as indicated by the purple bars of the Heikin Ashi indicator. As on the first trading day of the week, today there are no important macroeconomic reports scheduled in Europe and the USA. Thus, the main factor on which traders will rely when making trading decisions will be technical. Despite the fact that a downward correction is expected at least for the EUR / USD currency pair, as there are no fundamental reasons for strong growth in the euro now, the Heikin Ashi indicator continues to signal its absence. Thus, if a downward reversal of the indicator does not follow, then today the advantage in the pair may remain with the European currency. Market participants need only to follow the trend. One of the key points for the coming days will also be the possible overcoming of the previous price high (of November 7). If the pair overcomes it, it can mean a willingness to continue the upward movement. If the pair cannot update it, it will be a strong signal to the fact that the downward trend will resume. The Brexit theme is still very important for both the euro and the pound sterling. For the euro to a lesser extent. However, important data on this topic may affect the preferences of traders.Nearest support levels:S1 - 1,1414S2 - 1.1353S3 - 1,1292Nearest resistance levels:R1 - 1.1475R2 - 1.1536R3 - 1.1597Trading recommendations:The EUR / USD currency pair continues to move up. Thus, now it is still recommended to trade on the increase with the objectives of 1.1475 and 1.1536. The color of 1-2 bars with Heikin-Ashi indicator in blue will signal a reduction in long positions.Sell positions can only be considered after the price is fixed below the moving average. In this case, the trend in the instrument will become downward, and the first target for the short positions will be the Murray level of "1/8" - 1,1292.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 junior 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.

The material has been provided by InstaForex Company - www.instaforex.com