EUR/USD

EUR/USD: general review

Current trend, In the absence of significant macroeconomic releases on Wednesday, the EUR/USD pair was under pressure amid growing yields on US Treasury bonds.

Today, the instrument managed to regain some of the lost positions due to traders' interest in risky assets with the aim of obtaining short-term profit at the end of the year, which has preserved market volatility. Also, the euro is supported by news about the dispute of the Presidential administration and the Fed as well as the government shutdown due to problems with funding.

Today, investors will pay attention to the publication of the ECB Economic Bulletin (11:00 GMT+2), as well as the data on initial jobless claims in the US (15:30 GMT+2). According to the forecast, the number of initial jobless claims is expected to increase to 217K per week from 214K a week earlier, which could put pressure on the dollar.

Support and resistance

On the H4 chart the instrument corrected to the center line of Bollinger Bands, the price range is narrowing. MACD histogram is near the zero level, and its volume is minimal.

Resistance levels: 1.1400, 1.1442, 1.1485.

Support levels: 1.1342, 1.1304, 1.1266.

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Trading tips

Short positions may be opened from the level of 1.1340 with target at 1.1270 and stop loss at 1.1370.

Long positions may be opened from the level of 1.1400 with target at 1.1480 and stop loss at 1.1370.

Implementation time: 1-3 days.

 

Scenario

Timeframe Intraday
Recommendation SELL STOP
Entry Point 1.1340
Take Profit 1.1270
Stop Loss 1.1370
Key Levels 1.1266, 1.1304, 1.1342, 1.1400, 1.1442, 1.1485

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 1.1400
Take Profit 1.1480
Stop Loss 1.1370
Key Levels 1.1266, 1.1304, 1.1342, 1.1400, 1.1442, 1.1485

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