4-hour timeframe
Technical details:
The senior linear regression channel: direction - down.
The younger linear regression channel: direction - up.
Moving average (20; smoothed) - up.
CCI: 118.1604
The EUR / USD currency pair maintains an upward trend on the last trading day of the week. Yesterday was a day with the full advantage of the European currency, as market participants from Europe did not have the opportunity to respond to the Fed's decisions the day before. It should be noted that the pair reached another important resistance level, Murray's level of "8/8" - 1.1475. If this level is not overcome, a downtrend may resume. Recently, the Eurocurrency has already risen in price quite noticeably, given the fact that no particularly positive data, apart from resolving the issue of the Italian budget, came from the European Union. At the same time, there are also hopes for the end of a long downtrend. Today, there will be no important publications in the Eurozone, but a whole package of various macroeconomic reports will arrive from the States. First, these are durable goods orders. Last month, this indicator fell by 4.4%, an increase of 1.6% is expected. Secondly, it is data on personal expenses and incomes of Americans. Expected minimum gains of both indicators at 0.3%. Also the index of expenditure on personal consumption, annual data on GDP and the price index of GDP will be published. And late in the evening will be the speech of the Fed Chairman Jerome Powell.
Nearest support levels:
S1 - 1.1444
S2 - 1.1414
S3 - 1.1383
Nearest resistance levels:
R1 - 1.1475
R2 - 1.1505
R3 - 1.1536
Trading recommendations:
The EUR / USD currency pair continues to move up, as indicated by Heikin Ashi. Thus, it is now recommended to trade on the increase with the objectives of 1.1475 and 1.1505. Heikin Ashi's reversal will indicate a downward correction round.
It is recommended to open sell positions not earlier than traders overcome the moving average line. In this case, the bears will take the initiative, and the first target for the shorts will be the level of 1.1353.
In addition to the technical picture, you should also consider 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 younger 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