EUR/USD is doing a correctional growth at the moment after several days of decline. There was an opportunity to open short trades from the MA55 balance line at 1,10350-390 and the price was in a profit area allowing you to take about 150-200 pips. You could protect your positions by placing stops at breakeven area. However, later the currency pair resumed growing and short trades closed with no profit. We advise to pay attention to an important US data today. If it is better than forecasted, USD may gain some support and the currency pair will resume its downside tendency.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. The currency pair left previously established range downwards and is probably going to continue its decline this week.
The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55 balance line. We give no recommendations as it is Friday and the volumes may be low.
The currency pair reached the MA55 balance line and there was an opportunity to open short trades from 1,22100-150. The price was in a profit area allowing to protect your trades, placing stops at breakeven. Those stops triggered later. It is to mention, that the MA-channel changed its direction and looks upwards at the moment. The price is staying within Wednesday’s range and there is a probability that the currency pair is going to trade in flat today.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no correction and we expect the currency pair to continue its downside tendency this week.
The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55. The situation is still unclear as there is no trend at the moment. We advise to take no decision.
The currency pair failed to decline according to our expectations and reversed upwards menacing to close short trades from 0,76150-200. However, stop losses still remain untouched, the price was close to them. The MA-channel indicates on the probability of reverse in the nearest future. We advise to close positions with low profit as the currency pair reacted on the stronger than expected China data.
There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. Everything indicated on the sharp decline of the currency pair in the nearest future. The scenario of decline towards 0,71800 is still actual.
There is still the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. It is better to avoid trading today as the situation is still unclear.
We have noticed in our yesterday’s review that the currency pair slows down its uptrend. There is a probability of a change in the current tendency today. We advise to try short trades as the volatility was weak this week. We expect the currency pair to increase volatility today.
There is no trend on the Weekly chart as the price is fluctuating around the MA55 balance line. The currency pair had some growth and may continue this dynamics this week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to open short trades from the MA55 balance line.