Antony_NPBFX
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EUR/USD: the pair shows mixed trend 06.06.2018
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on the EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
Yesterday, EUR traded against USD in a downward direction. Nevertheless, by the end of the afternoon session, EUR managed to win back its losses and enter the green zone.
The European currency is under pressure from weak data on Markit services PMI in Eurozone. In May, the indicator fell from 53.9 to 53.8 points. The indicator for Germany remained at the same level of 52.1 points.
European investors are still focused on Italy. The government crisis is over – Eurosceptics managed to form a government headed by Giuseppe Conte. Now concrete steps are expected from it, which can significantly complicate relations with the European authorities. Recall that "5 stars" and "League" parties are against the EU budget rules and austerity. The coalition's plans include tax cuts, an increase in government spending, and a refusal to raise the retirement age. According to Bloomberg, the implementation of these plans could cost Italy an additional EUR 126 billion and will certainly lead to an increase in Italian public debt.
Support and resistance
On the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, reflecting a mixed nature of trading. MACD indicator is growing keeping a stable buy signal (located above the signal line). Stochastic also grows, but approaches its maximum marks, which indicates EUR being overbought in the ultra-short term.
Resistance levels: 1.1743, 1.1800, 1.1860, 1.1900.
Support levels: 1.1639, 1.1600, 1.1552, 1.1500.
Trading tips
To open long positions one can rely on the breakout of the level of 1.1743, if "bullish" signals prevail. Take-profit — 1.1860 or 1.1900. Stop-loss – 1.1690.
The rebound from resistance level of 1.1743, with the subsequent breakdown of 1.1700 mark, can become a signal to begin correctional sales with targets at 1.1600, 1.1552. Stop-loss — 1.1760.
Implementation period: 2-3 days.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on the EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
Yesterday, EUR traded against USD in a downward direction. Nevertheless, by the end of the afternoon session, EUR managed to win back its losses and enter the green zone.
The European currency is under pressure from weak data on Markit services PMI in Eurozone. In May, the indicator fell from 53.9 to 53.8 points. The indicator for Germany remained at the same level of 52.1 points.
European investors are still focused on Italy. The government crisis is over – Eurosceptics managed to form a government headed by Giuseppe Conte. Now concrete steps are expected from it, which can significantly complicate relations with the European authorities. Recall that "5 stars" and "League" parties are against the EU budget rules and austerity. The coalition's plans include tax cuts, an increase in government spending, and a refusal to raise the retirement age. According to Bloomberg, the implementation of these plans could cost Italy an additional EUR 126 billion and will certainly lead to an increase in Italian public debt.
Support and resistance
On the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, reflecting a mixed nature of trading. MACD indicator is growing keeping a stable buy signal (located above the signal line). Stochastic also grows, but approaches its maximum marks, which indicates EUR being overbought in the ultra-short term.
Resistance levels: 1.1743, 1.1800, 1.1860, 1.1900.
Support levels: 1.1639, 1.1600, 1.1552, 1.1500.
Trading tips
To open long positions one can rely on the breakout of the level of 1.1743, if "bullish" signals prevail. Take-profit — 1.1860 or 1.1900. Stop-loss – 1.1690.
The rebound from resistance level of 1.1743, with the subsequent breakdown of 1.1700 mark, can become a signal to begin correctional sales with targets at 1.1600, 1.1552. Stop-loss — 1.1760.
Implementation period: 2-3 days.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.