To open long positions on EUR / USD pair, you need:
Buyers have broken through the resistance level of 1.1400 in the morning and are trying to gain a foothold on it. The European Court of Brexit decision supports the euro, which could lead to a further increase in the EUR/USD pair and an update of the maximum around 1.1433. However, the main purpose of the bulls will be testing the resistance level of 1.1471, where I recommend taking profits. In the case of a decline and a return below the level of 1.1400 in the second half of the day, long positions are best considered for a rebound from the support of 1.1365.
To open short positions on EUR / USD pair, you need:
Sellers are still not in a hurry to return to the market, and therefore it is best to rely on short positions after updating the daily maximum around 1.1433 or to rebound from a larger resistance 1.1471. The main task of the bears in the afternoon will be returning and consolidating below the level of 1.1400, which will lead to a fixed profit and a decrease in EUR/USD pair to the support area of 1.1365, where I recommend taking profits.
Indicator signals:
Moving averages
Trade is conducted above the 30 and 50-day moving averages, which indicates the formation of an upward movement.
Bollinger bands
In the event of a decline in the euro, long positions can return immediately to the rebound from the middle border of the Bollinger Bands indicator, which is located in the 1.1365 area.
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