To open long positions on EURUSD you need:
Just terrible data on industrial production in Germany did not confuse euro buyers, and after another test of support at 1.1435, demand resumed. The bulls still need a breakthrough of resistance at 1.1465, which will open a direct path to the high of December last year in the area of 1.1497 and lead to an update of the area of 1.1515, where I recommend taking profits. In the event of the euro decline scenario in the second half of the day, one should not pay attention to the support level of 1.1435, and it is best to open long positions in EUR/USD, best of all on a rebound from the low of 1.1407 and 1.1378.
To open short positions on EURUSD you need:
Only the formation of a false breakout in the resistance area of 1.1465 will signal the opening of short positions for further downward correction in the area of a larger support area of 1.1407 and 1.1378, where I recommend taking profit. Weak data on industrial production in Germany and consumer confidence in the eurozone should be worked out by the market. If the trend continues to grow above the resistance level of 1.1465, it is best to open short positions on the rebound from the high of 1.1497 and 1.1515.
Indicator signals:
Moving averages
Trade is conducted in the area of 30-day and 50-day moving averages, which indicates the formation of the lateral nature of the market.
Bollinger bands
The upper limit of the Bollinger Bands indicator in the area of 1.1485 will act as a major resistance from which you can see short positions on the euro.
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
