EUR/USD: technical analysis

Current trend, On D1 chart, the pair moves within the upward channel. The level of 1.1474 (the midline of the Murrey trading range [4/8]) seems to be the nearest target for the "bulls".Within two months, it has been tested several times, but unsuccessfully. Its breakout can cause growth to the levels of 1.1535 (Murrey [5/8]) and 1.1596 (Murrey [6/8]). The price consolidation below 1.1413 (Murrey [3/8]) can lead to a decline to the level of 1.1352 (Murrey [2/8], the midline of Bollinger Bands). However, the growth of quotes now looks more preferable: Bollinger Bands are directed upwards, MACD histogram is growing in the positive zone, and Stochastic is directed upwards. One should also consider that in the near future the activity of investors will be reduced due to the New Year holidays.

Support and resistance

Support levels: 1.1413, 1.1352, 1.1230.

Resistance levels: 1.1474, 1.1535, 1.1596.


Trading tips

Long positions may be opened from the current level with targets at 1.1474, 1.1535, 1.1596 and stop loss at 1.1400.

Short positions may be opened from 1.1400 with the target at 1.1352 and stop loss at 1.1440.

Implementation period: 3-5 days.



Timeframe Weekly
Recommendation BUY
Entry Point 1.1437
Take Profit 1.1474, 1.1535, 1.1596
Stop Loss 1.1400
Key Levels 1.1230, 1.1352, 1.1413, 1.1474, 1.1535, 1.1596


Alternative scenario


Recommendation SELL STOP
Entry Point 1.1400
Take Profit 1.1352
Stop Loss 1.1440
Key Levels 1.1230, 1.1352, 1.1413, 1.1474, 1.1535, 1.1596

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