EUR/USD

EUR/USD: the Euro returned to declining

Current trend. EUR showed a decline against USD on Tuesday, retreating from updated local highs of November 7.

In the absence of significant economic releases, investors are focused on the UK, where Prime Minister Theresa May is trying to conduct a draft agreement with the EU through parliament. May's appeal for support to large British businesses was generally positively appreciated by the market, but the position of the Prime Minister remains difficult. The Conservative Party does not have a majority in Parliament, and the deputies from the allied Democratic Unionist Party of Northern Ireland expressed dissatisfaction with the terms of the deal and do not want to support it. In the EU, there are also people dissatisfied with the agreement: Spanish Prime Minister Pedro Sanchez said that he insists on direct negotiations over Gibraltar, a territory disputed by Madrid.

Support and resistance

Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is slightly narrowed from above, being spacious enough for the current activity level in the market. MACD indicator is trying to reverse into the descending plane, keeping the buy signal (located above the signal line). Stochastic has reversed downwards near its maximum levels, indicating a sufficient potential for further development of the downtrend in the short and/or ultra-short term.

Sales could be considered in the nearest future.

Resistance levels: 1.1400, 1.1431, 1.1460, 1.1500.

Support levels: 1.1357, 1.1334, 1.1300, 1.1266.

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Trading tips

To open long positions, one can rely on the rebound from the level of 1.1357 with the subsequent breakout of 1.1400. Take profit — 1.1460 or 1.1500. Stop loss — 1.1370. Implementation period: 2-3 days.

The breakdown of 1.1357 may serve as a signal to continue sales with the target at 1.1300. Stop loss — 1.1380 or 1.1390. Implementation period: 1-2 days.

 

Scenario

Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.1405
Take Profit 1.1460, 1.1500
Stop Loss 1.1370
Key Levels 1.1266, 1.1300, 1.1334, 1.1357, 1.1400, 1.1431, 1.1460, 1.1500

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 1.1350
Take Profit 1.1300
Stop Loss 1.1380, 1.1390
Key Levels 1.1266, 1.1300, 1.1334, 1.1357, 1.1400, 1.1431, 1.1460, 1.1500

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