EUR/USD. December 4th. Results of the day. The clouds over Brexit are gathering.

Trading 05 déc 2018 Donner votre avis

4-hour timeframe

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The amplitude of the last 5 days (high-low): 67p - 121p - 53p - 94p - 61p.

Average amplitude for the last 5 days: 79p (79p).

The EUR/USD currency pair on Tuesday, November 4, shows an upward movement. There is only one reason for this. The representative of the European Court of Justice, where Scottish diplomats had previously asked for clarification of article 50 of the Lisbon Treaty, the part which concerns the unilateral cancellation of the procedure of withdrawal from the EU, explained that the country, in our case the UK, has the right to resort to the cancellation of the procedure of withdrawal without the consent of other EU member States. Thus, this is a new "stick in the wheels" of Theresa May's government, which now will find it more difficult to convince Parliament of the need to adopt its version of Brexit. Recall that for a long time there are rumors that a second referendum can be held, since the number of voters "for" exit from the EU is only slightly greater than the number of voters "against". Respectively, and among the population, and in Parliament there is a huge number of opponents of Brexit as that, and also some number of opponents only of Theresa may's plan on an exit from the EU. And Theresa May, we recall, needs to collect at least 320 votes in support of her bill in order for it to be adopted. In general, until December 11, when the vote will be held in Parliament, anything can happen. And this can have a very strong impact on the euro and the pound. Today, the euro rose against the background of hopes for the abolition of Brexit. However, everything will now depend on the British Parliament and its decision. We believe that the euro has a chance of continuing to grow, but its potential is still limited.

Trading recommendations:

The EUR / USD pair resumed its upward movement and overcame the Ichimoku cloud and updated the previous local high, which gives hope to traders to continue the upward movement with the target of 1.1464. However, it is recommended to consider the longs are still small lots.

Sell positions will become relevant not earlier than the price consolidation below the critical line and the level of 1.1318. In this case, the trend for the instrument will again become downward.

In addition to the technical picture, fundamental data and the timing of their release should also be taken into account.

Explanation of illustration:

Ichimoku Indicator:

Tenkan-sen-red line.

Kijun-sen – blue line.

Senkou span a – light brown dotted line.

Senkou span B – light purple dotted line.

Chinkou span – green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD:

Red line and histogram with white bars in the indicator window.

The material has been provided by InstaForex Company - www.instaforex.com

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