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 22, 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.
The Existing Home Sales, released by the National Association of Realtors will be published yesterday was favorable to the US economy so the dollars was appreciated against the Euro. Today we are waiting for the publication of the Initial Jobless Claims at 12H30 GMT, which are released by the US Department of Labor. If the published data is seen positive the US dollar will be appreciated against the Euro so the chart will decrease.
GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 22, 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. 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. This eventually could be seen at 12H30 GMT. In fact, the US Department of Labor will publish the Initial Jobless Claims. If the data isn’t significant then the market will still ranging.
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