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07.05.2019 09:15 AM
Trading recommendations for the EURUSD currency pair - placement of trading orders (May 7)

For the last trading day, the euro / dollar currency pair showed low volatility of 38 points, as a result of having stagnation followed by exit. From the point of view of technical analysis, we have a primary stagnation at the level of 1.1180, where the developed range was subsequently broken through, restoring the quote in the upstream plan. Informational and news background had retail sales statistics in Europe, where they waited for the decline from 3.0% to 1.8%. As a result, they received the same decrease, but with an indicator of 1.9%. The background information falls upon everybody's favorite Brexit. Prime Minister Theresa May held a secret meeting with assistants and ministers, at which they discussed possible ways of holding a second Brexit referendum.

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Today, in terms of the economic calendar, we have data on the number of open vacancies in the US labor market, where growth is expected from 7.087M to 7.350M.

Further development

Analyzing the current trading chart, we see how the quotation is persistently trying to return to the recent point of resistance. However, there is still some awkwardness in the form of double-digit doji candles. It is likely to assume that many traders are targeting the values of 1.1232-50, but there is still a risk that the bumper will continue to 1.1180 / 1.1200.

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Indicator Analysis

Analyzing the different sector of timeframes (TF), we see that in the short, intraday and medium term, there is an upward interest against the background of the recent jump and recovery.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(May 7 was based on the time of publication of the article)

The current time volatility is 26 points. In the case of a continuation of the course, volatility can grow in the direction of the average daily indicator.

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Key levels

Zones of resistance: 1.1300 **; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100

Support areas: 1.1180; 1.1080 *; 1.1000 ***; 1,0850 **

* Periodic level

** Range Level

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2024
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