To open long positions on EURUSD, you need:
At the moment, while trading is above the range of 1.1330, the demand for EUR/USD will continue, which can lead to a further upward trend with the update of the highs in the area of 1.13366 and 1.1392, where I recommend fixing the profit. The speech of the President of the European Central Bank Mario Draghi in the morning may lead to changes in the plans of buyers. Therefore, in the scenario of the EUR/USD decline below the level of 1.1330, it is best to consider new long positions on the rebound from the minimum of 1.1290.
To open short positions on EURUSD, you need:
Bears need to return to the resistance level of 1.1330, which will be the first signal to open short positions, but the main goal will be the support of 1.1290, the repeated test of which will necessarily lead to its breakthrough and the descent of EUR/USD to the minimum area of 1.1253, where I recommend taking the profit. In the case of further growth in the morning, which may occur after the speech of the ECB head, selling the euro is best on the rebound from the new monthly high in the area of 1.1366 and 1.1392.
Trading is conducted at above 30 and 50 moving averages, indicating a possible continuation of the bullish market.
In the event of a decline in the euro, support will be provided by the lower limit of the indicator in the area of 1.1310.
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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