EUR / USD. 18th of September. The trading system “Regression channels”. Seven unsuccessful attempts to escape above 1.1720
The senior channel of linear regression: direction – down.
The younger channel of linear regression: the direction is up.
The moving average (20; flattened) is up.
The EUR / USD currency pair resumed the upward movement on September 18, failing to overcome the moving average line, and for the fourth time, fulfilled the level of Murray “8/8”. It is not worthwhile forgetting about the fundamental data. The topic of the trade war between the US and China, as well as new details of the scandal with Trump and his possible ties with the Russian Federation, can radically change the mood of traders. However, the key to determining the current trend is technical analysis, which very eloquently points to an uptrend. Of the macroeconomic reports, there is really nothing to highlight today. More precisely, absolutely nothing. Neither in the States, nor in the EU, there is no important news for today. Thus, we are now watching the key level of 1.1719. Another rebound of the price from this target will again send the pair down. Recall that before the current four unsuccessful attempts to go above this level, there were four more unsuccessful attempts to overcome the level of 1.1750. Thus, the main question remains, will the pair, together with the eighth attempt, overcome the zone of 1.1720 – 1.1750?
Nearest support levels:
S1 = 1.1658
S2 – 1,1597
S3 – 1.1536
Nearest resistance levels:
R1 = 1.1719
R2 = 1,1780
R3 = 1.1841
The EUR / USD currency pair has once again fulfilled the level of 1.1719. If, with the eighth attempt, this target can be overcome, then the upward movement will continue with the target of 1.1780 and it is recommended that it be worked before the turn of the indicator of Heikin Ashi down.
Orders for sale will become relevant after fixing the price below the removals. In this case, the tendency for the instrument to change to a descending one, and the target for the downward movement will be Murray’s level “6/8” – 1.1597.
In addition to the technical picture, one should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
The upper channel of linear regression is the blue lines of unidirectional motion.
The lowest linear regression channel is the violet lines of unidirectional motion.
CCI – the blue line in the indicator window.
Moving average (20; smoothed) – the blue line on the price chart.
Levels of Murray – multi-colored horizontal stripes.
Heikin Ashi is an indicator that color bars in blue or purple.