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EUR / USD pair: plan for the European session on December 21. Demonstration performance of major players

To open long positions on EUR / USD pair, you need:

The growth of the euro was quite intensive yesterday but the current demand is very unlikely. Buyers need to get above 1.1471, which will lead to a new wave of purchases and to update the highs already in the area of resistance 1.1515 and 1.1548, where I recommend taking profits. Also, purchases can be viewed subject to the formation of a false breakdown in the area of intermediate support at 1.1438 or to rebound from larger areas of 1.1407 and 1.1385. Important data will be for Germany and US GDP, which will be released today.

To open short positions on EUR / USD pair, you need:

Bears will count on unsuccessful consolidation above the resistance of 1.1471, which will lead to the formation of a false breakdown and a wave of sales of the euro with the update of intermediate support at 1.1438. A consolidation below of which will be a priority task for the first half of the day. Leaving under a minimum of 1.1438 can only lead to the demolition of a number of stop orders and a larger downward correction of the euro to the support area of 1.1407 and 1.1385, where I recommend taking profits. If the data for the US turns out negative, which will be released today, then it is best to open short positions in EUR / USD on a rebound from the new monthly highs around 1.1515 and 1.1548.

Indicator signals:

Moving averages

Trade is conducted above the 30- and 50-day moving averages, which indicates a continued growth of the European currency.

Bollinger bands

The upward trend is limited by the intermediate resistance level in the form of the upper border of the Bollinger Bands indicator, which is located in the 1.1475 area from which sales can be viewed. Breakthrough of the lower boundary of the indicator in the area of 1.1427 will lead to a larger sale of the euro.

More details about the forecast can be found in the video review.

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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

The material has been provided by InstaForex Company - www.instaforex.com