To open long positions on EUR / USD pair, you need:
The bears failed the monthly support level of 1.1301, which led to the demolition of stop orders and the rapid movement of the euro down to the area of 1.1251, which I recommended to pay attention to in my morning forecast. As long as trading is conducted above this level, we can count on an upward correction in the resistance area of 1.1287, where speculative buyers will leave again the market, which will limit the upward potential. In case of further EUR/USD decline following the trend under the level of 1.1251 in the second half of the day, long positions can be returned to the rebound from the lows of 1.1215 and 1.1180.
To open short positions on EUR / USD pair, you need:
The bears have coped with the task of breaking through support for 1.1301 and updated at least 1.1251. A breakdown of this area will lead to a larger sale of EUR / USD with access to the level of 1.1215 and 1.1180, where I recommend taking profits. However, it must be remembered that the afternoon market volatility can be quite low due to Veterans Day in the United States. In the case of an upward correction, it is possible to open short positions when a false breakdown is formed around 1.1287 or for a rebound from 1.1326.
Indicator signals:
Moving averages
Trade is conducted below the 30- and 50-day average, indicating a further decline in the euro.
Bollinger bands
In the case of an upward correction of the euro, the average border of the Bollinger Bands indicator located in the 1.1305 area will act as resistance. From there, I recommend to sell immediately to the rebound.
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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