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 21, 2019)
The daily chart is trending volatile inside the colored channel. Because of the volatility of the trend, a good Sell entry could be taken when the chart crosses MA14 in blue and close to the downside or If the chart crosses the support line in green color and close to the downside.
The Existing Home Sales, released by the National Association of Realtors will be published at 14H00 GMT. That could have a significant effect to the pair evolution.
GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 21, 2019)
We have a ranging market inside the colored channel. A good entry to the market could be to sell at the top of the channel or when the chart crosses the MA14 and close to the downside. At short term, we can buy at the bottom of the channel. If the chart breaks one of the two limits of the channel and close outside then we can take an entry in the direction of the movement.
The CCI indicator or the commodity channel index indicator is an oscillator. This indicator oscillates between fixed levels of +100 and -100. It is interesting to sell the pair when the pair is overbought that mean CCI is more than +100. At short term, we can buy at the bottom of the channel when the pair is oversold that mean CCI is more less than -100.
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