By - Jamel Lahiani
Today our analysis will be concerned with EURUSD, the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
GRAPHIC 1: EURUSD DAILY CHART (AUGUST 15, 2019)
The daily chart is trending volatile. The trending resistance line in red gives the direction of the movement. Because of the volatility of the trend the entry must be taken at the trending resistance line in red color or when the chart cross the trending resistance line in red to the down side. Other entry could be taken when the chart crosses MA14 in blue and close to the downside.
GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 15, 2019)
The hourly chart is bearish. We can see that the movement is volatile. The trending resistance line in red gives the orientation of the trend. A good entry to the market could be to sell when the chart crosses one of the tow resistance horizontal lines in red and blue and close to the downside. Or to wait the publication of data related to retail sales and initial jobless claims at 12H30 GMT. If the published data is favorable to the US economy the chart will breaks the lowest level of the graphic to the downside “sell”. If the published data is bad to the US economy then the chart breaks the horizontal resistance line to the upside “buy”.
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