To open long positions on EUR / USD pair, you need:
Despite the fact that the bears completely regained the market yesterday, the chance for an upward correction of the euro remains. To achieve this, it is necessary to return and consolidate above the resistance of 1.1292 in the first half of the day, which will lead to a larger increase in the area of maximum 1.1329, where I recommend taking profits. In the event of a further decline in the euro with a trend and the release of weak GDP data from Germany and the eurozone, whose publication is scheduled for today, it is best to open long positions to rebound from a new minimum of 1.1223 or from larger support at 1.1180.
To open short positions on EUR / USD pair, you need:
Bears can return to the market after the formation of a false breakdown in the area of resistance at 1.1292 and the main task for the first half of the day will be a breakthrough of support at 1.1251. Lower than this level, a large sale will lead to testing of 1.1223 and 1.1180 minimum, where I recommend to fix profits. However, the bearish trend will also be tied today to data on Germany and Eurozone GDP, which is expected to be released in the first half of the day. In the case of good reports and EUR/USD growth above the resistance of 1.1292, I recommend returning to short positions for a rebound from the resistance of 1.1329.
Found in the video review.
Trade is conducted in close proximity to about 30-day and 50-day moving averages, which indicates the formation of the lateral nature of the market.
In the case of an upward correction, the upper limit of the Bollinger Bands indicator in the area of 1.1314 will limit the upward potential. It is best to return to long positions after testing of the lower limit in the area of 1.1245.
Description of indicators
MA (moving average) 50 days – yellow
MA (moving average) 30 days – green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
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