30.05.201909:32 Forex Analysis & Reviews: Overview of EUR/USD on May 30. The forecast for the "Regression Channels". US GDP report for the first quarter may put more pressure on the euro

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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) – down.

CCI: -126.9808

During the first three trading days of the week, the euro area and the US did not publish a single macroeconomic report, the European currency fell against the US currency by 75 points. It seems to be a little, but the bearish trend is visible to the naked eye and there is no doubt. We focus traders' attention on the fact that there is no news as such, which does not prevent the currency market from continuing to get rid of the euro. At the moment, the euro/dollar pair is literally 30 points to a year low. That is, it turns out that market participants are ready to continue to sell the euro, despite the proximity of the annual lows and the lack of macroeconomic reports. This is a strong trump card of the US currency. Today, by the way, quite an important report will finally be published. This is the US report on GDP for the first quarter, though only its preliminary value, and not the final one. However, the previous publication of preliminary values of the index of business activity has led to a fairly strong market reaction. The same reaction may follow today. According to experts' forecasts, GDP will grow in the first quarter of 2019 by 3.1% in annual terms. Any value above this will cause new purchases of the US dollar and sales of the euro. Thus, if there are no surprises, which also cannot be ruled out, as recent macroeconomic reports from overseas have frankly disappointed, the US dollar will continue its victorious pace.

Nearest support levels:

S1 – 1.1108

S2 – 1.1078

S3 – 1.1047

Nearest resistance levels:

R1 – 1.1139

R2 – 1.1169

R3 – 1.1200

Trading recommendations:

The EUR/USD currency pair continues its steady downward movement. Thus, now traders are advised to sell the euro with targets at 1.1108 and 1.1078 before the Heiken Ashi indicator turns to the top.

It is recommended to consider buying orders for the euro/dollar pair only after fixing the price above the moving average with the first targets of 1.1200 and 1.1230 small lots.

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 – the blue line of the unidirectional movement.

The lower linear regression channel – the purple line of the 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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