To open long positions on EURUSD you need:
Euro buyers are aiming for a resistance of 1.1286, where the first profit taking on long positions will be marked. However, the main task of the bulls will be a breakthrough and consolidation above this level in order to continue the upward trend in the area of a 1.1338 high. It is better to consider more interesting purchases when adjusting to the support area of 1.1245, with the condition that a false breakdown is formed there, or to rebound from a larger level of 1.1207, which was formed yesterday.
To open short positions on EURUSD you need:
The bears will try to prevent a breakthrough of resistance at 1.1286 in the first half of the day, and the formation of a false breakout there will be the first signal to open short positions in order to adjust for an intermediate support of 1.1245, where I recommend taking profits. The main task of euro sellers will be a test of a low of 1.1207. Under the scenario of a further upward trend above the level of 1.1286, which can be continued due to the expectation of a decrease in interest rates in the US, it is best to return to short positions on a rebound from the large resistance of 1.1338.
Indicator signals:
Moving averages
Trade is conducted above 30 and 50 moving averages, which indicates the formation of a bull market.
Bollinger bands
In case the euro declines in the first half of the day, support will be provided by the average indicator line in the 1.1235 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
