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USD/CAD: technical analysis 16 July 2019, 11:19

USD/CAD: technical analysis 16 July 2019, 11:19 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.303...

May 15, 2019

EUR/USD: euro weakens 15 May 2019, 10:29


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.1230
Take Profit 1.1285, 1.1300
Stop Loss 1.1200
Key Levels 1.1133, 1.1165, 1.1181, 1.1198, 1.1223, 1.1250, 1.1285, 1.1322
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1190
Take Profit 1.1133
Stop Loss 1.1223
Key Levels 1.1133, 1.1165, 1.1181, 1.1198, 1.1223, 1.1250, 1.1285, 1.1322
Current trend
EUR declined against USD on Tuesday, continuing the development of a correctional impetus formed the day before. EUR is still under pressure from the prospect of the US-EU trade conflict after the introduction of US import duties on European cars planned for May 18. EUR was supported by yesterday’s German data. CPI in April increased by 1% MoM and 2% YoY, which coincided with the previous values and the forecast. Wholesale Price Index for the same period accelerated from +0.3% MoM to +0.6% MoM with the forecast of +0.4% MoM. YoY, the growth of the index accelerated from +1.8% to +2.1%. In turn, statistics on industrial production in the euro area failed to support EUR. Industrial production in March decreased by 0.3% MoM and 0.6% YoY after a decrease of 0.2% MoM and 0.3% YoY in February. Today, investors focus on German and euro area’s GDP statistics for Q1 2019.
Support and resistance
On the daily chart, Bollinger bands grow. The price range is actively narrowing, reflecting a sharp change in trading in the short term. The MACD indicator tries to reverse downwards, keeping the poor buy signal (located above the signal line). Stochastic falls more actively, indicating a sufficient potential for the development of correctional “bearish” dynamics.
One should wait until the situation becomes clearer and confirms the development of a corrective downtrend in the short and/or ultra-short term.
Resistance levels: 1.1223, 1.1250, 1.1285, 1.1322.
Support levels: 1.1198, 1.1181, 1.1165, 1.1133.


Trading tips
Long positions can be opened after a rebound from 1.1198 and a breakout of 1.1223 with the target at 1.1285 or 1.1300. Stop loss is 1.1200.
Short positions can be opened after the breakdown of 1.1198 with the target at 1.1133. Stop loss is 1.1223. Implementation period: 2–3 days.

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