4-hour timeframe

Technical details:

The senior linear regression channel: direction - up.

The junior linear regression channel: direction - down.

Moving average (20; smoothed) - sideways.

CCI: -61.6775

On Thursday, January 24, the currency pair EUR / USD rebounded from Murray's level of "2/8" - 1.1353 and began to correct. Today for the euro currency is quite an important day. Yesterday, the pair managed to finally get out of the weakest semi-flat movements. Today, the results of the ECB meeting will be announced, and this event cannot be called minor. But its essence and the results of the meeting can be extremely predictable and may not cause any serious market reaction. The fact is that no changes in monetary policy are foreseen, which means that the only thing that will attract the attention of traders is the press conference of the ECB. And then everything will depend on the rhetoric of Draghi and company. Although even at this point one can make the assumption that the rhetoric will remain "pigeon". EU macroeconomic indicators have recently shown negative trends, especially GDP and inflation, so the head of the regulator has no reason to be tough. If this is the case, the Euro currency may again be under pressure from the market. From a technical point of view, there can be a rebound from the MA, with a resumption of the downward movement.

Nearest support levels:

S1 - 1.1353

S2 - 1,1292

S3 - 1.1230

Nearest resistance levels:

R1 - 1.1414

R2 - 1.1475

R3 - 1.1536

Trading recommendations:

The currency pair EUR / USD continues to be adjusted. Thus, it is recommended to open new short positions in case of a downward reversal of the Heikin Ashi indicator with targets at 1.1353 and 1.1292.

Buy positions will become relevant if traders overcome the moving average with the first goal of 1.1414. Senior linear regression channel can support an upward trend.

In addition to the technical picture,you should also consider the fundamental data and the time of their release.

Explanations for illustrations:

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

The younger linear regression channel is the purple 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.

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