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4-hour timeframe
Technical details:
The senior linear regression channel: direction - down.
The junior linear regression channel: direction - down.
Moving average (20; smoothed) - up.
CCI: 111.1234
The currency pair EUR / USD on Thursday, March 14, continues a slight, but almost recoilless upward movement as if nothing had happened. A lot of important news from Europe and America has not been received in recent days. And those important reports were still ignored by the market. We have repeatedly noted this week that all the attention of traders remains chained to the UK and pairs with the pound sterling. The EUR / USD currency pair remains in the shadows. This, in the first place, explains the continuing low volatility of the instrument. Today in the eurozone and the States, any important publication is not planned at all. Macroeconomic reports, such as sales of new homes or the number of applications for unemployment benefits, most likely, will not cause any reaction of traders. Thus, today, most likely, another day with low volatility is waiting for us, due to which it is quite difficult to work out the movements of the instrument. From a technical point of view, there are grounds for expecting a downward correction, as the pair has been rising without recoil for several days in a row. However, to identify it, one should wait for the Heikin Ashi indicator to turn down. In general, now the trend is up, but only in the short term. Please note that both linear regression channels are directed downwards, which clearly indicates a downward trend in the medium and long term.
Nearest support levels:
S1 - 1.1292
S2 - 1.1261
S3 - 1.1230
Nearest resistance levels:
R1 - 1.1322
R2 - 1.1353
R3 - 1.1383
Trading recommendations:
The currency pair EUR / USD continues to move up. Thus, it is now recommended to consider long positions with targets at levels 1.1353 and 1.1383 before turning Heikin Ashi's indicator down.
It is recommended to open sell orders in the case of the pair reversing below the moving average line with targets at 1.1261 and 1.1230 since the trend will change to descending.
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 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.
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