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EUR/USD. May 8th. Results of the day. The market is calm despite fears of a trade war between the US and the EU

4-hour timeframe

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The amplitude of the last 5 days (high-low): 78p – 48p – 70p – 37p – 51p.

Average amplitude over the last 5 days: 57p (57p).

The third trading day of the week is held for the EUR/USD pair in the same weakly volatile trades without a pronounced trend, even intraday, as the day before. No new data concerning the EUR/USD pair were available to traders. Thus, market participants have nothing to react to. As a result, all the lines of the Ichimoku indicator are as close as possible to each other, which signals a flat. The Bollinger Bands narrowed and turned sideways, which also indicates lateral movement. Based on this, it is best to wait until the end of the current flat and then resume active trading. Tonight, the ECB Head Mario Draghi is scheduled for the evening, but this does not mean that he will tell the market something important or at least something new. Thus, the situation in the evening may not change. The rumors about the beginning of a full-scale trade war between the EU and the States are still in full swing. However, there is little official information on this topic. Accordingly, traders are again deprived of the opportunity to "work out information". Also, markets are waiting for information about the negotiations between the US and China on trade conditions that are designed to save both countries from a full-scale trade war. It's hard to say how they will end, but Trump's categorical and radical nature suggests that either China will have to give up again or the negotiations will fail.

Trading recommendations:

The currency pair EUR/USD went to the side channel. Thus, it is not recommended to open any positions, as the probability of a full flat is high. We recommend waiting for the signs of the pair's exit from this channel, and then resume trading.

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

Explanation of illustration:

Ichimoku Indicator:

Tenkan-Sen – red line.

Kijun-Sen – blue line.

Senkou Span A – light brown dotted line.

Senkou Span B – light purple dotted line.

Chinkou Span – green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD:

A red line and a histogram with white bars in the indicator window.

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