4-hour timeframe
Technical details:The senior linear regression channel: direction - down.The younger linear regression channel: direction - down.Moving average (20; smoothed) - sideways.CCI: 99.6272The EUR / USD currency pair on Friday, November 16, continued a very weak upward movement and with great difficulty overcame the moving average line. Formally, the trend in the instrument has changed to ascending, however, there is a high probability of a false breakdown of the MA. Thus, only overcoming the Murray level of "2/8" will allow more or less confident to talk about the prospects of the euro. However, we also note that no market reaction followed the speech of Jerome Powell, who said that the Fed's key rate will increase gradually and further that he is very pleased with the state of the American economy. Either the traders simply missed this speech, or they thought it was uninteresting. In principle, the fact that the Fed will continue to tighten monetary policy was clear without Powell's speech. On the last trading day of the week in the eurozone, consumer price index for October will be published. It is expected that inflation will be 2.2%. Any value below the forecast can confirm our concerns about the false breakdown of the MA. In the States today, important macroeconomic reports are not planned. The Brexit theme has recently affected the UK more, so there was no reaction to the resignation in the British Parliament on the euro/dollar pair.Nearest support levels:S1 - 1,1292S2 - 1.1230S3 - 1.1169Nearest resistance levels:R1 - 1.1353R2 - 1.1414R3 - 1.1475Trading recommendations:The EUR / USD currency pair continues to be adjusted, the MA may be broken. To be able to open long positions, it is recommended to wait for the price to fix above the level of 1.1353. In this case, it will be possible to trade in small lots for an increase with the target of 1.1414.Sell positions will become relevant only after the pair is fixed back below the MA, which is very likely in the near future. In this case, short positions can be opened with the target of 1.1230.In addition to the technical picture should also take into account the fundamental data and the time of their release.Explanations for illustrations:The senior linear regression channel is the blue lines of the unidirectional movement.The junior linear regression channel is the purple lines of the unidirectional movement.CCI - blue line in the indicator window.The moving average (20; smoothed) is the blue line on the price chart.Murray levels - multi-colored horizontal stripes.Heikin Ashi is an indicator that colors bars in blue or purple.
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