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 20, 2019)
Yesterday, the Data related to Consumer Price Index released by Eurostat is very bad for the Europeans economy because prices decreased. So, the dollar was appreciated to Euro and leads a downside movement. The daily chart is trending volatile. Because of the volatility of the trend, a good entry to the market could be taken when the chart cross the trending resistance line in red color or MA14 in blue and close to the downside. If the chart crosses the support line in green color and close to the downside we could sell EURUSD.
GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 16, 2019)
We have a trending volatile downside movement. A good entry to the market could be to sell when the chart crosses the MA14 or the trending resistance line in red and close to the downside. If the chart breaks green support line of the graphic and close to the downside “sell”. 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 and we have a downside trend.
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