Current trend
USD strengthened against EUR after the US Federal Reserve interest rate decision: as expected, the rate was kept at the level of 2.25%. In the accompanying statement, the regulator focused on the strength of the country's economy, confirming its intentions to gradually tighten the policy, which will inevitably lead to higher interest rates. In response, investors began to buy USD actively. In turn, EUR was under pressure of the decline in the trade surplus in Germany.
As for the macroeconomic events today, US October Producer Price Index will be released. It is predicted that the value of the indicator will remain unchanged at 0.2%.
Support and resistance
On the 4-hour chart, the instrument is trading near the lower border of Bollinger bands, the price range is widened, indicating a possible continuation of the downward movement. MACD histogram is in the negative area, gradually increasing its volumes, the signal line is directed downwards.
Resistance levels: 1.1355, 1.1380, 1.1395, 1.1410, 1.1430, 1.1460, 1.1490.
Support Levels: 1.1330, 1.1300, 1.1268.
Trading tips
Short positions can be opened from the current level with the target at 1.1280 and stop loss 1.1360. Implementation period: 1–3 days.
Long positions can be opened from the level of 1.1430 with the target at 1.1490 and stop loss 1.1400. Implementation period: 3–5 days.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.1337
Take Profit 1.1280
Stop Loss 1.1360
Key Levels 1.1268, 1.1300, 1.1330, 1.1355, 1.1380, 1.1395, 1.1410, 1.1430, 1.1460, 1.1490
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1430
Take Profit 1.1490
Stop Loss 1.1400
Key Levels 1.1268, 1.1300, 1.1330, 1.1355, 1.1380, 1.1395, 1.1410, 1.1430, 1.1460, 1.1490
USD strengthened against EUR after the US Federal Reserve interest rate decision: as expected, the rate was kept at the level of 2.25%. In the accompanying statement, the regulator focused on the strength of the country's economy, confirming its intentions to gradually tighten the policy, which will inevitably lead to higher interest rates. In response, investors began to buy USD actively. In turn, EUR was under pressure of the decline in the trade surplus in Germany.
As for the macroeconomic events today, US October Producer Price Index will be released. It is predicted that the value of the indicator will remain unchanged at 0.2%.
Support and resistance
On the 4-hour chart, the instrument is trading near the lower border of Bollinger bands, the price range is widened, indicating a possible continuation of the downward movement. MACD histogram is in the negative area, gradually increasing its volumes, the signal line is directed downwards.
Resistance levels: 1.1355, 1.1380, 1.1395, 1.1410, 1.1430, 1.1460, 1.1490.
Support Levels: 1.1330, 1.1300, 1.1268.
Trading tips
Short positions can be opened from the current level with the target at 1.1280 and stop loss 1.1360. Implementation period: 1–3 days.
Long positions can be opened from the level of 1.1430 with the target at 1.1490 and stop loss 1.1400. Implementation period: 3–5 days.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.1337
Take Profit 1.1280
Stop Loss 1.1360
Key Levels 1.1268, 1.1300, 1.1330, 1.1355, 1.1380, 1.1395, 1.1410, 1.1430, 1.1460, 1.1490
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1430
Take Profit 1.1490
Stop Loss 1.1400
Key Levels 1.1268, 1.1300, 1.1330, 1.1355, 1.1380, 1.1395, 1.1410, 1.1430, 1.1460, 1.1490