Current trend

EUR weakened against USD, despite declining existing home sales in the US.

Yesterday, the investors were focused in G20 finance ministers meeting in Buenos Aires this weekend. The Dutch Finance Minister Wopke Hoekstra voiced the common position of the EU leaders that new US trade agreements can be concluded only with the European Union as a whole, but not with its separate countries. This means supporting a common position by all EU members before the visit of the head of the European Commission Jean-Claude Juncker to the United States to negotiate on the abolition or reduction of import cars taxes

Today, traders should pay attention to the publication of PMI data in the US (15:45 GMT+2). The market is expected to be moderately volatile.

Support and resistance

In H4 chart the instrument corrected to the center line of Bollinger Bands, the price range is expanded. MACD histogram is in the positive area, the signal line is crossing the zero level and the histogram body from below, signaling the opening of long positions.

Support levels: 1.1655, 1.1642, 1.1619, 1.1600, 1.1570.

Resistance levels: 1.1681, 1.1700, 1.1720, 1.1750, 1.1760.

Trading tips

Short positions may be opened from the level of 1.1650 with target at 1.1600 and stop loss at 1.1680.

Long positions may be opened from the level of 1.1700 with target at 1.1760 and stop loss at 1.1670.

Implementation period: 1-3 days.

Euro vs US Dollar

BuySellSpread
1.1371.1367723

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point1.1650
Take Profit1.1600
Stop Loss1.1680
Support levels1.1570, 1.1600, 1.1619, 1.1642, 1.1655, 1.1681, 1.1700, 1.1720, 1.1750, 1.1760

Alternative scenario

RecommendationsBUY STOP
Entry Point1.1700
Take Profit1.1760
Stop Loss1.1670
Support levels1.1570, 1.1600, 1.1619, 1.1642, 1.1655, 1.1681, 1.1700, 1.1720, 1.1750, 1.1760
EUR/USD: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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