For the last trading day, the euro / dollar currency pair showed volatility below the daily average of 42 points, but this was enough to continue the formation of the correction phase. From the point of view of technical analysis, we have a corrective move from the periodic point of support 1.1112, where the quote has already reached the previously passed level 1.1180, which is a mirror one. The information and news background for the past day did not have any statements or statistical data, thus the TA rules ball and the same technical correction.
Today, in terms of the economic calendar , we have a body of statistical data from Europe, where they will publish data on GDP (Q1) with a possible acceleration of up to 1.2%. At the same time, there are data for Germany, France, Spain, which together give good signals.
Further development
Analyzing the current trading schedule, we see that, from the point of view of technical analysis, the corrective move may come to an end. The quotation has reached the previously passed level of 1.1180, and there is a probability of its refinement. Traders, in turn, are in no hurry to put an end to long positions and carefully analyze the current movement for a cluster. From which, it is quite possible to make a refill if the bullish interest persists and the current statistics for Europe will support the euro.
Based on the data available, it is possible to decompose a number of variations, let's consider them:
- We consider buying positions in case of a clear price fixing higher than 1.1195.
- Positions for sale are considered in case of a clear price fixing lower than 1.1170
Indicator Analysis
Analyzing the different sectors of timeframes (TF ), we see that in the short term there is a downward interest against the background of the alleged cluster. Intraday perspective is in the ascending phase against the background of the correction. The medium-term perspective maintains a downward interest on the general background of the market.
Weekly volatility / Measurement of volatility: Month; Quarter; Year
Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.
(April 30, was based on the time of publication of the article)
The current time volatility is 19 points. In the case of breakout of the level of 1.1180, the acceleration is possible.
Key levels
Zones of resistance: 1.1180; 1,1300 **; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100
Support areas: 1.1180; 1.1080 *; 1.1000 ***; 1,0850 **
* Periodic level
** Range Level
