Technical analysis by AMEGA - Opinion
Fundamental analysis: the weakening of the Euro against the backdrop of the strengthening of the dollar continues. For the second week in a row, this currency pair is trading in a narrow price range from 127.000 to 128.500 – so it happens before powerful price movements. Among the important news on the European Union today is the harmonized index of consumer prices in Germany.
Technical analysis: for almost two years, since June 2016, the medium-term trend is bullish, it has not yet turned around. The long-term trend is also bullish since 2012. On the H4 chart, the Alligator lines are intertwined (or close to it) in a slow time – the situation is not certain.
Trading recommendations: you should let the situation develop and prove itself. While we follow the bear trend. Short positions are below 127.000, cancellation of this scenario and long positions are above 128.000.
Sincerely, Sergey Ryazantsev - financial analyst of brokerage company AMEGA
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It’s recommended to try to have a long position near the control resistance zone 1.32392-1.32287 (111 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.