Current trend
Yesterday, the pair moved sideways. The US-China trade war is still the focus of investors' attention. On Tuesday, it became known that next week China intends to ask the WTO for permission to impose economic sanctions against the US in the framework of the 2013 dispute. Then, Washington introduced anti-dumping duties against a number of Chinese goods, which WTO recognized as illegal, but the organization's decisions are not being implemented in the US, which forces the PRC to take retaliatory measures.
The dollar remains strong in anticipation of an increase in Fed rates this month, as well as a rise in the yield of 10-year government bonds.
Today, traders should pay attention to the publication of the US CPI ex Food & Energy (14:30 GMT+2) and FOMC Member Brainard Speech (18:45 GMT+2). The market predicts moderate volatility.
Support and resistance
On the daily chart, the pair moves sideways around the lower border of Bollinger bands, the downtrend is still relevant. MACD histogram is in the negative area, keeping a strong signal for the opening of short positions.
Resistance levels: 14.21, 14.29, 14.37, 14.48, 14.65, 14.82, 14.98.
Support levels: 14.05, 13.98, 13.90, 13.68.
Trading tips
Short positions can be opened from the level of 14.05 with the targets at 13.90, 13.68 and stop loss 14.15.
Long positions can be opened from the level of 14.30 with the target at 14.50 and stop loss 14.15.
Trade
Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 14.05
Take Profit 13.90, 13.68
Stop Loss 14.15
Key Levels 13.68, 13.90, 13.98, 14.05, 14.21, 14.29, 14.37, 14.48, 14.65, 14.82, 14.98
Alternative scenario
Recommendation BUY STOP
Entry Point 14.30
Take Profit 14.50
Stop Loss 14.15
Key Levels 13.68, 13.90, 13.98, 14.05, 14.21, 14.29, 14.37, 14.48, 14.65, 14.82, 14.98
Yesterday, the pair moved sideways. The US-China trade war is still the focus of investors' attention. On Tuesday, it became known that next week China intends to ask the WTO for permission to impose economic sanctions against the US in the framework of the 2013 dispute. Then, Washington introduced anti-dumping duties against a number of Chinese goods, which WTO recognized as illegal, but the organization's decisions are not being implemented in the US, which forces the PRC to take retaliatory measures.
The dollar remains strong in anticipation of an increase in Fed rates this month, as well as a rise in the yield of 10-year government bonds.
Today, traders should pay attention to the publication of the US CPI ex Food & Energy (14:30 GMT+2) and FOMC Member Brainard Speech (18:45 GMT+2). The market predicts moderate volatility.
Support and resistance
On the daily chart, the pair moves sideways around the lower border of Bollinger bands, the downtrend is still relevant. MACD histogram is in the negative area, keeping a strong signal for the opening of short positions.
Resistance levels: 14.21, 14.29, 14.37, 14.48, 14.65, 14.82, 14.98.
Support levels: 14.05, 13.98, 13.90, 13.68.
Trading tips
Short positions can be opened from the level of 14.05 with the targets at 13.90, 13.68 and stop loss 14.15.
Long positions can be opened from the level of 14.30 with the target at 14.50 and stop loss 14.15.
Trade
Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 14.05
Take Profit 13.90, 13.68
Stop Loss 14.15
Key Levels 13.68, 13.90, 13.98, 14.05, 14.21, 14.29, 14.37, 14.48, 14.65, 14.82, 14.98
Alternative scenario
Recommendation BUY STOP
Entry Point 14.30
Take Profit 14.50
Stop Loss 14.15
Key Levels 13.68, 13.90, 13.98, 14.05, 14.21, 14.29, 14.37, 14.48, 14.65, 14.82, 14.98