Source: Forex Analysis
To open long positions on EUR / USD pair, you need:
Buyers of the European currency failed to break through the resistance of 1.1319, which I paid attention to in the morning review. Only after a breakthrough of this range can we talk about the continuation of the upward trend in the area of highs at 1.1358 and 1.1388, where I recommend taking profits. In case that the downward correction of the EUR/USD pair moves further to the support area of 1.1294, it is best to consider buying EUR/USD from this range but provided that a false breakdown is formed. On the other hand, larger long positions are best to open on a rebound from the lows of 1.1265 and 1.1232.
To open short positions on EUR / USD pair, you need:
The failure to consolidate above the resistance of 1.1319 in the first half of the day led to the return of euro sellers to the market, whose first goal is to reduce to the support area of 1.1294. A repeated test of this level may lead to a larger sale of EUR / USD to the minima at the area of 1.1265 and 1.1232, where I recommend taking profits. If the EUR / USD growth scenario takes place above 1.1319, the divergence will continue to form on the MACD indicator, which allows short positions to be considered on a rebound from both highs at 1.1358 and 1.1388.
More in the video forecast for April 15
Trade is conducted in the region of 30 and 50 moving averages, which indicates a slowdown in the upward correction of the euro.
In the event of a decline in the euro in the afternoon, the support will be provided by the lower limit of the Bollinger Bands indicator around 1.1294. Against it will lead to a larger wave of euro decline.
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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