EUR/USD: technical analysis 02.04.2018

EURUSDH402042018

Current trend

On 4-hour chart, EUR/USD is trading near the mark of 1.2329 (Murray [4/8]), which coincided with the middle line of Bollinger Bands.

Technical indicators reflect the relative calmness of the markets and sideways movement of the price.

Bollinger Bands are converging, reflecting the development of the current sideways trend.

MACD volumes are in the negative zone and are moving along the zero line.

Stochastic’s lines are pointed upwards.

The downward trend will be restored after the price is set below the level of 1.2298 (Murray [3/8]).

In this case, the next targets of sellers will be the levels of 1.2268 (Murray [2/8])-1.2237 (Murray [1/8]).

If the price is set above the level of 1.2329 (Murray [4/8]), the growth may continue to the levels of 1.2359 (Murray [5/8])-1.2390 (Murray [6/8]).

Support and resistance

Support levels: 1.2298, 1.2268, 1.2237.

Resistance levels: 1.2329, 1.2359, 1.2390.

Trading recommendations

Short positions can be opened below the level of 1.2298 with the target at around 1.2268-1.2237 and stop loss 1.2308.

Long positions can be opened above the level of 1.2329 with the target at around 1.2359-1.2390 and stop loss 1.2310.