4-hour timeframe

Technical details:

The upper linear regression channel: direction - down.

The lower linear regression channel: direction - up.

Moving average (20; smoothed) - down.

CCI: -118.4486

On Wednesday, April 24, the EUR/USD currency pair retains the downward movement that began yesterday, there are no signs of the beginning of the correction at the moment. The pair worked out the Murray level of "-1/8" - 1,1200, and, as we have repeatedly noted, this level is extremely important for determining the further trend for the instrument. If, with the n-th attempt, traders still manage to overcome this level, the downward movement will continue with the goal of 1.1169, at a minimum. Otherwise, we believe that the pair may again move away from multi-month lows to a level of 1.1322 and higher. Today is another day without macroeconomic reports from the Eurozone and the States. Yesterday, the bears were still able to take the initiative in their hands and lower the pair by another 40 points, which, in principle, is not so much. However, will the downward movement continue today, given the presence of the level of 1.1200 and the absence of fundamental events? Even the data on the topic of the trade war between the EU and the USA is not coming now. Thus, reducing the volatility of the EUR/USD pair to the minimum today will be quite logical, and you need to be ready for this. In general, we believe that bears will sooner or later push the level of 1.1200, and perhaps this will even happen in the coming days, as the downward trend is clearly visible on the 24-hour time frame.

Nearest support levels:

S1 - 1.1200

S2 - 1.1169

Nearest resistance levels:

R1 - 1.1230

R2 - 1.1261

R3 - 1.1292

Trading recommendations:

The EUR/USD currency pair has resumed its downward movement. Thus, now it is still recommended to consider short positions with targets at 1.1200 and 1.1169. There is a high probability of the pair reversing upward around the level of 1.1200.

Buy positions are recommended to open no earlier than fixing the pair above the moving average with targets 1.1229 and 1.1322. The calendar of macroeconomic events today is again empty, so volatility may decrease.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower linear regression channel is the violet lines of the unidirectional movement.

CCI - blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.