Current trend
On Thursday, the pair strengthened steadily and grew by more than a hundred points due to the strong dollar. USD was supported by strong May US Sales Data supported USD. It is estimated that sales increased from 0.4% to 0.8%, and Retail Sales increased from 0.4% to 0.9%. Initial Jobless Claims indicator was also positive. It was below the forecasts, which indicates the strength of the employment market and affects the national currency positively.
On Friday, investors are waiting for the publication of the May US Industrial Production, which can fall from 0.7% to 0.2% and affect USD negatively.
Support and resistance
On the 4-hour chart, the instrument grows along the upper border of Bollinger bands, the price range is widened. MACD histogram is in the positive area, keeping a strong signal for the opening of long positions.
Resistance levels: 1.3160, 1.3200.
Support levels: 1.3130, 1.3100, 1.3080, 1.3050, 1.3025.
Trading tips
Long positions can be opened from the current level with the target at 1.3200 and stop loss 1.3110.
Short positions can be opened at the level 1.3100 with the target at 1.3025 and stop loss 1.3130.
Implementation period: 1–3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 1.3136
Take Profit 1.3200
Stop Loss 1.3110
Key Levels 1.3025, 1.3025, 1.3080, 1.3100, 1.3130, 1.3160, 1.3200
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3100
Take Profit 1.3025
Stop Loss 1.3130
Key Levels 1.3025, 1.3025, 1.3080, 1.3100, 1.3130, 1.3160, 1.3200
On Thursday, the pair strengthened steadily and grew by more than a hundred points due to the strong dollar. USD was supported by strong May US Sales Data supported USD. It is estimated that sales increased from 0.4% to 0.8%, and Retail Sales increased from 0.4% to 0.9%. Initial Jobless Claims indicator was also positive. It was below the forecasts, which indicates the strength of the employment market and affects the national currency positively.
On Friday, investors are waiting for the publication of the May US Industrial Production, which can fall from 0.7% to 0.2% and affect USD negatively.
Support and resistance
On the 4-hour chart, the instrument grows along the upper border of Bollinger bands, the price range is widened. MACD histogram is in the positive area, keeping a strong signal for the opening of long positions.
Resistance levels: 1.3160, 1.3200.
Support levels: 1.3130, 1.3100, 1.3080, 1.3050, 1.3025.
Trading tips
Long positions can be opened from the current level with the target at 1.3200 and stop loss 1.3110.
Short positions can be opened at the level 1.3100 with the target at 1.3025 and stop loss 1.3130.
Implementation period: 1–3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 1.3136
Take Profit 1.3200
Stop Loss 1.3110
Key Levels 1.3025, 1.3025, 1.3080, 1.3100, 1.3130, 1.3160, 1.3200
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3100
Take Profit 1.3025
Stop Loss 1.3130
Key Levels 1.3025, 1.3025, 1.3080, 1.3100, 1.3130, 1.3160, 1.3200