EUR/USD

EUR/USD: general analysis

Current trend, Thanksgiving Day is celebrated in the USA today, so the investors focus on European politics, Brexit issues, and the Italian budget. The day before, British Prime Minister Theresa May met European Commission President Jean-Claude Juncker to discuss preparations for the EU Brexit summit. Spanish authorities insist on a separate agreement on Gibraltar. However, this issue may be resolved before the summit, since Theresa May, the Spanish Prime Minister Pedro Sanchez and the authorities of Gibraltar are already negotiating the issue. Meanwhile, the British Parliament still may vote against the treaty, so EU authorities are giving weekly recommendations for all sectors of the European economy in case of a tight Brexit.

As for the Italian budget, the European Commission is not satisfied with its deficit of 2.4%, so the officials intend to launch the “Excessive Deficit Procedure”, as a result, Italy may receive a penalty.

Support and resistance

The price is now testing the level of 1.1413 (Murrey [3/8]). After the breakout, it can grow to 1.1474 (Murrey [4/8], the upper limit of Bollinger bands) and 1.1535 (Murrey [5/8]). A significant decrease is possible after the price fixes below the middle line of Bollinger bands and 1.1352 (Murrey [2/8]). In this case, the “bearish” targets will be 1.1291 (Murrey [1/8]) and 1.1230 (Murrey [0/8]).

Technical indicators do not give a clear signal. Bollinger Bands reverse horizontally after a long decline. MACD is decreasing in the negative zone. Stochastic is falling.

Resistance levels: 1.1413, 1.1474, 1.1535.

Support levels: 1.1352, 1.1291, 1.1230.

df72f6f22768ddc38cd28a58f9266c9a.png

Trading tips

Long positions can be opened from 1.1430 with the targets at 1.1474, 1.1535 and stop loss around ​​1.1390.

Short positions can be opened below the level of 1.1352 with the targets at 1.1291, 1.1230 and stop loss 1.1390.

Implementation period: 4–5 days.

 

Scenario

Timeframe Weekly
Recommendation BUY STOP
Entry Point 1.1430
Take Profit 1.1474, 1.1535
Stop Loss 1.1390
Key Levels 1.1230, 1.1291, 1.1352, 1.1413, 1.1474, 1.1535

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 1.1345
Take Profit 1.1291, 1.1230
Stop Loss 1.1390
Key Levels 1.1230, 1.1291, 1.1352, 1.1413, 1.1474, 1.1535

Add comment

Security code
Refresh

© 2014-2018 ForexCrypto.top, Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange, or any kind of trading you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. ForexCrypto.top is an affiliate partner with various brokers and may be compensated for referred Traders. All reviews remain unbiased and objective and immediate action will be taken against any broker which is found to be in breach of regulation. These partnerships have proven to be great aids in the furthering communication between brokers and our visitors. Only the NFA regulated brokers featured on this site are available to U.S. customers. Forex

Search