Recommendation for EUR/USD: Sell
Sell Stop : Below 1.2110
Stop Loss : Above 1.2182
The EURUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is breaching the support line. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2110. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2182. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
German import prices rose more than expected in January: the federal statistical office Destatis reported the index of import prices rose 1.9% over month in January after 0.6 increase in previous month, when an increase of 1.1% was forecast. This is bullish for EURUSD. However EURUSD current setup is bearish.