Trading recommendations for the EURUSD currency pair – placement of trading orders (May 15)

For the last trading day, the euro / dollar currency pair showed low volatility of 43 points, but this amplitude was enough to overcome the newly formed cluster. From the point of view of technical analysis, we see that the previously formed accumulation of 1.1215 / 1.1250 was broken through by price, tightly fixing below the lower limit. The news and news background had statistics on industrial production in Europe, where even greater deterioration came to life, which, in principle, received actual data -0.6%. Returning to the information background, we have yesterday’s meeting between Theresa May and opposition leader Jeremy Corbin, where the Prime Minister announced that the agreement with the EU on Brexit’s conditions will be put for voting by the House of Commons in early June.

Today, in terms of the economic calendar , we have the publication of retail sales statistics in the United States, which are expected to show an acceleration in their growth rates from 3.6% to 3.8%. At the same time, we are not missing the second estimate of GDP data for Europe, where they expect a slowdown to 1.2%.

The news may contribute to the further strengthening of the US currency.

Further development

Analyzing the current trading chart, we see a slight stagnation within the value of 1.1200, which can be viewed as a kind of rearrangement of the trading forces. It is likely to assume that in the case of price fixing lower than 1.1200, we will open the way to the value of 1.1180-1.11170, which reflects the earlier accumulation.

Indicator Analysis

Analyzing the different timeframe (TF) sector , we see that in the short and intraday perspective, there is a downward interest against the background of the current decline. The medium-term perspective maintains an upward interest, although it is already at the limit.

Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(May 15, based on the time of publication of the article)

The current time volatility is 14 points. It is likely to assume that as soon as the current stagnation subsides, volatility will begin to grow.

Key levels

Zones of resistance: 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

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Trading recommendations for the EURUSD currency pair – placement of trading orders (May 15)