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EUR USD Technical Analysis - EUR USD Trading: 2015-06-17
Ahead FOMC Statement
Let us consider the EUR/USD currency pair on the H4 chart. The price is consolidated inside the equilateral triangle: market participants anticipate the Federal Open Market Committee (FOMC) Statement. Right after the statement release FOMC press conference will take place at 20:00-20:30 CET. These events will make things clear in regard to the possible timing of the US rate hike that can affect the entire currency market. The current consolidation phase is notable for conflicting signals on the part of trend indicators, ParabolicSAR and Donchian. RSI-Bars oscillator shaped a triangle with a bearish bias. However, the support level is highly significant and has been confirmed for three times. Uncertainty in the market is maintained.
We deem that under unsustainable conditions two pending orders should be placed: Buy order at 1.13288 and Sell order at 1.11891. Stop loss is to be placed at the opposite side of the price channel. The bearish momentum should be confirmed by the breaking of the oscillator level at 38%. After one of the pending orders is executed, the other one is to be deleted. Stop loss is supposed to be moved every four hours near the next fractal high/low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point.
| Position | Buy |
| Buy stop | above 1.13288 |
| Stop loss | below 1.11891 |
| Position | Sell |
| Sell stop | below 1.11891 |
| Stop loss | above 1.13288 |
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