08.05.201910:08 Forex Analysis & Reviews: Trading recommendations for the EURUSD currency pair - placement of trading orders (May 8)

For the last trading day, the euro / dollar currency pair showed a low volatility of 50 points, as a result of having another decrease in the level of 1.1180. From the point of view of technical analysis, we have a decline to 1.1180, where previously the quotation felt a support. The sequence of moves did not change, and in this coordinate we again stopped and turned around. The news background had a statement from the head of the European Commission, Jean-Claude Juncker, who regrets that he did not interfere in the Brexit referendum when this was possible.

"The mistake I made was that I listened too closely to the British government, Cameron, because the then prime minister asked me not to interfere," Juncker said.

In turn, Prime Minister Theresa May said that the British would still have to participate in the elections of deputies of the European Parliament, and she regrets that her country will inevitably hold elections, and it is impossible to complete the process of leaving the EU. Returning to the information background, we have published data on the number of open vacancies in the US labor market, where, as predicted, there was growth, but more significant: Previous. 7.142M ---> Prog. 7.350M ---> Fct. 7,488M.

Today, in terms of the economic calendar, we have the publication of the minutes of the ECB meeting on monetary policy, followed by Mario Draghi.

Further development

Analyzing the current trading chart, we see that after the next testing of the earlier point of support, the price returned to the area of periodic resistance 1.1215, slowing down the movement and tracing short positions. It is likely to assume that the quote will again fall to 1.1180-1.11170, and then it is worth analyzing the fixation points and the behavior of the quote.

Based on the available data, it is possible to decompose a number of variations, let's consider them:

- We consider buy positions in case of a clear price fixing higher than 1.1220.

- Positions for sale are considered in the case of a clear price fixing lower than 1.1170.

Indicator Analysis

Analyzing a different sector of timeframes (TF), we see that in the short term, there has been a downward interest against the background of periodic resistance. Intraday perspective maintains upward interest. The medium-term outlook has replaced the upward interest to neutral.

Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(May 8 was based on the time of publication of the article)

The current time volatility is 16 points. Volatility may increase at time of publication of the ECB protocol and the speech of Mario Draghi.

Key levels

Zones of resistance: 1.1300 **; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100

Support areas: 1.1180; 1.1080 *; 1.1000 ***; 1,0850 **

* Periodic level

** Range Level