EUR/USD

EUR/USD: general analysis

Current trend, This week, the EUR/USD pair is falling within the downward trend. At the moment, the instrument is trading at 1.1300. The upcoming meeting of US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Buenos Aires, as well as the problems of the Italian budget, remain the focus of investors.

President Trump, in an interview published in the Wall Street Journal, said he was ready to impose increased tariffs on all the remaining Chinese imports totaling $267 billion if negotiations with Xi Jinping failed. Trump's comments weakened EUR but its decline was not so significant due to positive data on the Italian budget. According to Italian media, the Italian government can make concessions to Brussels and reduce the amount of public debt from 2.4% to 2.2%, as well as reduce government spending by 3.6 billion EUR.

Support and resistance

The price tends to the level of 1.1291 (Murrey [1/8]). After the breakdown, it may decline to the area of ​​1.1230 (Murrey [0/8], lower border of Bollinger bands). However, the entry of Stochastic into the oversold zone indicates the possibility of the beginning of an upward correction. The key “bullish” level is 1.1352 (Murrey [3/8], the middle line of Bollinger bands). If the price is fixed above it, growth may continue to the levels of 1.1413 (Murrey [3/8]) and 1.1474 (Murrey [4/8]).

Resistance levels: 1.1352, 1.1413, 1.1474.

Support levels: 1.1291, 1.1230.

 

Trading tips

Short positions can be opened below the level of 1.1291 with the targets at 1.1230, 1.1200 and stop loss 1.1320.

Long positions can be opened above the level of 1.1352 with the targets at 1.1413, 1.1474 and stop loss around 1.1320.

Implementation period: 4–5 days.

 

Scenario

Timeframe Weekly
Recommendation SELL STOP
Entry Point 1.1285
Take Profit 1.1230, 1.1200
Stop Loss 1.1320
Key Levels 1.1230, 1.1291, 1.1352, 1.1413, 1.1474

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 1.1360
Take Profit 1.1413, 1.1474
Stop Loss 1.1320
Key Levels 1.1230, 1.1291, 1.1352, 1.1413, 1.1474

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