EUR/USD: general review
13 February 2019, 13:37
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 1.1318 |
| Take Profit | 1.1375 |
| Stop Loss | 1.1295 |
| Key Levels | 1.1237, 1.1264, 1.1300, 1.1311, 1.1360, 1.1400, 1.1435, 1.1472 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.1295 |
| Take Profit | 1.1260 |
| Stop Loss | 1.1315 |
| Key Levels | 1.1237, 1.1264, 1.1300, 1.1311, 1.1360, 1.1400, 1.1435, 1.1472 |
Current trend
Yesterday, the instrument strengthened amid positive comments from ECB members Weidmann and Novotny.
The President of the Bundesbank and a member of the ECB Board of Governors announced a reduction in the slowdown in the economic growth of the Eurozone. According to officials, there is a reason for the revision of monetary policy this year. Thanks to this, the pair received strong fundamental support. However, the "bulls" were optimistic about the readiness of US President Donald Trump to postpone the deadline for a decision on the US-Chinese trade conflict.
The data on industrial output from Eurostat are due at 12:00 (GMT+2). Given the reduced activity in Germany and several other major European economies, the output is likely to be weaker than the forecast. However, a negative scenario will not be a surprise to the market and will not exert significant pressure on the pair. At 15:30 (GMT+2), the US Department of Labor Statistics will publish data on the consumer price index. Also, at 15:30 (GMT+2), market participants expect the Fed official Loretta Meister to speak.
Support and resistance
H4 chart shows the correction of an upward trend. A key support level is 1.1310. Bollinger Bands show signs of a cessation of the downward trend, the price range remains wide. MACD histogram is in the negative zone keeping the sell signal. Stochastic entered the overbought area, so a sell signal can be formed in 1-2 days.
Support levels: 1.1311, 1.1300, 1.1264, 1.1237.
Resistance levels: 1.1360, 1.1400, 1.1435, 1.1472.
Trading tips
Long positions may be opened from the current level with the target at 1.1375 and stop loss at 1.1295.
Short positions may be opened below the level of 1.1300 with the target at 1.1260 and stop loss at 1.1315.
Implementation period: 1 day.
Yesterday, the instrument strengthened amid positive comments from ECB members Weidmann and Novotny.
The President of the Bundesbank and a member of the ECB Board of Governors announced a reduction in the slowdown in the economic growth of the Eurozone. According to officials, there is a reason for the revision of monetary policy this year. Thanks to this, the pair received strong fundamental support. However, the "bulls" were optimistic about the readiness of US President Donald Trump to postpone the deadline for a decision on the US-Chinese trade conflict.
The data on industrial output from Eurostat are due at 12:00 (GMT+2). Given the reduced activity in Germany and several other major European economies, the output is likely to be weaker than the forecast. However, a negative scenario will not be a surprise to the market and will not exert significant pressure on the pair. At 15:30 (GMT+2), the US Department of Labor Statistics will publish data on the consumer price index. Also, at 15:30 (GMT+2), market participants expect the Fed official Loretta Meister to speak.
Support and resistance
H4 chart shows the correction of an upward trend. A key support level is 1.1310. Bollinger Bands show signs of a cessation of the downward trend, the price range remains wide. MACD histogram is in the negative zone keeping the sell signal. Stochastic entered the overbought area, so a sell signal can be formed in 1-2 days.
Support levels: 1.1311, 1.1300, 1.1264, 1.1237.
Resistance levels: 1.1360, 1.1400, 1.1435, 1.1472.
Trading tips
Long positions may be opened from the current level with the target at 1.1375 and stop loss at 1.1295.
Short positions may be opened below the level of 1.1300 with the target at 1.1260 and stop loss at 1.1315.
Implementation period: 1 day.
No comments:
Write comments