To open long positions on EUR / USD pair, you need:
The demand for risky assets may slow down again since the APEC summit did not produce the desired results in the negotiations between the US and China on trade relations. Traders should pay attention to the purchases when the support area of 1.1380 decreases and a false breakdown is formed at this level. Otherwise, it is best to open long positions for a rebound from the minimum of 1.1329, where a larger lower boundary of the ascending channel will be formed. The main task of the euro buyers today will be the breakdown and consolidation above the resistance 1.1430, which will lead to testing of 1.1356 and 1.1485 highs, where I recommend taking profits.
To open short positions on EUR / USD pair, you need:
Bears can prove themselves after the last week's high update in the area of resistance at 1.1429 and the formation of divergence on the MACD indicator in this scenario will be a direct signal to open short positions in euro to reduce to the lower border of the channel at 1.1380, where I recommend to fix profits. The main task of sellers will be a breakthrough and consolidation under the level of 1.1380, which will quickly push the euro to a minimum of 1.1329, where I recommend taking profits. There is not expected important fundamental statistics to be released today, which may limit the upward potential of the EUR/USD pair.Indicator signals:
Moving averages
Trade is conducted above the 30- and 50-day moving average, which maintains the upward trend in the pair.
Bollinger bands
The upper limit of the Bollinger Bands indicator located in the area of 1.1435 can limit the upward potential in euros and when tested, I recommend selling the euro for a rebound. In the case of a decline in the euro, the lower limit of the indicator in the 1.1370 area will be a good level for purchases.
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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