4H

Senior linear regression channel – downward direction.
Minor linear regression channel: downward direction.
Moving average (20; smoothed) – upward direction.
CCI: 153,6182
Explanation:

On June 11 the euro is above the moving average, however, both channels are still running down which does not allow us to consider long positions. Senior channel is turning down which shows the descending movement of the global trend. Minor channel is also pointing down which signifies downward movement even within a less long-term planning. At the moment the price is above moving as well as “3/8”level of Murray. Therefore the target of the upward movement is “4/8” – 1.2695 of Murray, but it is not recommended to open long positions within this target. In case the price manages to overcome this level, the next target of the upward movement will be “5/8” – 1.2817 of Murray. Moving average is running upwards, and the price, in its turn, is higher than the moving average, which is why the ascending movement is very relevant now. Haiken Ashi painted the last bars with violet which underlines the local upward movement, but long positions are not of current interest anyway. Buy orders will be actual not earlier than one of the channels will turn upwards. Short positions will become profitable again after the price is fixed below the moving. CCI indicator is about 200 level which demonstrates massive overbought of this pair, which can lead to downward correction for the next several hours.
The nearest support levels:
S1 - 1.2573
S2 – 1.2451
S3 – 1.2329
The nearest resistance levels:
R1 – 1.2695
R2 – 1.2817
R3 – 1.2939

Trading Recommendations:
Analyzing EURUSD pair we can see that it is not recommended to enter the market within any positions. It will be possible to think of buy orders not earlier than one of the channels will turn upwards. Short positions will be actual only when price consolidates below the moving average.

Apart from technical analysis it is required to take into account fundamental data and time of their release.
Legend for Illustrations:
Senior linear regression channel – blue one-direction lines.
Minor linear regression channel – violet one-direction lines.
CCI – blue line in the indicator window.
Moving average (20; smoothed) – blue line on the price chart.
Murray’s levels – multicolored horizontal lines.
Haiken Ashi – indicator, painting bars with blue or violet.

If you like this analysis, please, vote for the author at the contest for analysts by clicking here!

Here is my blog with extra analysis.