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4-hour timeframe
Technical data:
The upper linear regression channel: direction – down.
The lower linear regression channel: direction – down.
The moving average (20; smoothed) – sideways.
CCI: 49.1622
The EUR/USD pair has been standing in one place for the last few days. Volatility has again decreased to minimum values. This is partly due to the small number of macroeconomic events, partly – the reluctance of traders to sell the euro at the current rather low price values. As we have said many times, there are no good reasons to strengthen the euro. Today will be the speech of the head of the Fed Jerome Powell. This potentially means new and important information, but it will depend on his rhetoric and the topics he touches upon. Perhaps we will not talk about monetary policy. In this case, low volatility and lack of trend are likely to persist today. Also, several macroeconomic reports will be published in the States, but all of them are of secondary importance and are unlikely to have an impact on trading. Thus, in the current situation, we continue to recommend waiting for the completion of the current flat. It will be possible to identify the end of the flat by the output of the pair from the channel of 1.1169 – 1.1230. Both linear regression channels clearly indicate a downward trend in the medium and long term.
The next support levels:
S1 – 1.1169
S2 – 1.1108
Nearest resistance levels:
R1 – 1.1230
R2 – 1.1292
R3 – 1.1353
Trading recommendations:
The EUR/USD currency pair is now in a frank flat. Therefore, we recommend resuming trading on the pair after exiting the side channel. Purchases – above the level of 1.1230, and sales – below the level of 1.1169.
In addition to the technical picture should also take into account the fundamental data and the time of their release.
Explanation of illustrations:
The upper linear regression channel – blue line unidirectional movement.
The lower linear regression channel – purple line unidirectional movement.
CCI – the 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 colors bars in blue or purple.
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