4-hour timeframe

Technical details:

The senior linear regression channel: direction - down.

The junior linear regression channel: direction - down.

Moving average (20; smoothed) - up

CCI: 62.3383

The EUR / USD currency pair on Thursday, February 28, began a downward correction against a weak upward movement. In general, instrument volatility continues to be low. Important macroeconomic publications are still not in the EU or in the USA. Important news also comes from neither the States nor from Europe. Therefore, traders still have nothing to respond to. Today, America will receive data on GDP for the fourth quarter, but this will be only a preliminary value. GDP growth is expected to drop to 2.3% in the fourth quarter. What can be said in general about the technical picture of the instrument? The uptrend is very weak, but it still remains. Volatility is very low. Thus, now is an unfavorable time for active trading. Traders are advised to trade small lots on the Heikin Ashi indicator now. It will be possible to count on a new turn of the downward movement only after the price is fixed below the moving average line. From a state of coma, a pair could not even withdraw the speeches of Fed Chairman Jerome Powell in Congress. Although it must be admitted that he did not inform the super-important of the markets. Most of his speech was centered around the problem of US public debt, its increased growth rates and the need to raise the national debt ceiling since the absence of this action can lead to a "technical" default.

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 EUR / USD currency pair has begun to be adjusted, as indicated by the Heikin Ashi indicator. Thus, it will be possible to open new long positions after turning this indicator to the top with the target of 1.1414.

Sell positions can be considered after the price is fixed below moving. In this case, the trend in the instrument will change to downward, and the first goal will be the level of 1.1292.

In addition to the technical picture should also take into account 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.