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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: -92.4695
The currency pair EUR/USD continues its downward movement, as evidenced by the indicator Heiken Ashi, painting bars in blue. The pair has come close to the annual lows and may try to overcome them in the near future, which will open the way for the US dollar to new highs paired with the euro. Meanwhile, US President Donald Trump has decided to introduce 5% import duties from Mexico. The leader of the States decided to take such a step because of the difficult situation on the border with Mexico. The flow of illegal immigrants does not dry up, Congress did not allocate the necessary amount for the construction of a wall on the border between the USA and Mexico, while Mexico itself does not particularly try to restrain the flow of immigrants to the United States. Thus, Trump decided to shift the responsibility for the flow of migrants to the Mexican side. The first duties will be introduced on June 10. If the situation at the border does not change, the duties will be increased to 10%, then to 15%. At the same time, Trump has radically changed the rhetoric regarding the trade war with China. Now, Trump said that China wants to conclude a trade agreement with America, but the violation of earlier agreements forced America to impose duties, which in turn forces American manufacturers to leave China. All of Trump's actions are still regarded by the market as positive for the US dollar. Sellers continue to move the pair down, and bulls continue to rest.
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 recommended to sell the euro with the targets at 1.1108 and 1.1078 before the reversal of the indicator Heiken Ashi up.
It is recommended to consider buy 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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