EURUSD key levels for market entries

30.11.2018 / 11:24

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EURUSD bounced again from SMA200 on W1 chart, the main reason being the statement of Fed chairman Jerome Powell, who announced that interest rates are close to neutral. The market reaction is somewhat exaggerated and the likelihood that the USD will continue to appreciate over the medium term remains, as Powell's statement may also be interpreted as saying that interest rates are approaching the Fed's target.

The medium-term trend remains short. Short-term on D1 graphics we see a lower top and a higher bottom, which suggests probability of upcoming consolidation. Levels appropriate for short positions are 1.1511 Fib 50% on the last downward movement or 50 SMA tests and the appropriate Japanese candle signal.

Long positions will only be logical after a fake breakout under the last bottom at the 1,1220 price.

If we trade intraday it is good to wait for Eurozone CPI data at 12:00, expectations are lower than previous figures, as data below expectations may lead to a new strain against EUR.

Trader Nikolay Georgiev

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EURUSD key levels for market entries

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