Source: Forex Analysis
To open long positions for EUR / USD, you need:
Euro buyers made another attempt at a growth in the European session, using yesterday’s market support, but to consolidate above the resistance level of 1.1708 in the first half of the day did not succeed, as large players rushed to fix profit at the end of the week. The main task for the second half of the day is a repeat test and breakthrough of resistance 1.1708, from which the demand for EUR / USD will return, which will lead to the test of the highs of the past month in the area of 1.1733 and 1.1792, where I recommend fixing the profit. In the case of a decline in the euro in the first half of the day, support will be in the area of 1.1674, otherwise, you can buy immediately for a rebound from 1.1641.
To open short positions for EUR / USD, you need:
The sellers coped with the task in the first half of the day and formed a false breakout at the resistance level of 1.1708, which is the first signal for the opening of short positions in the euro in terms of declining to the support area of 1.1674 and updating the low around 1.1641, where I recommend fixing the profits. In the case of a repeat rise above the resistance level of 1.1708, short positions in EUR / USD are best to search after the update of the high of 1.1733 or sell immediately for a rebound of 1.1792.
The 30-day moving average is above the 50-day moving average, which indicates the development of an uptrend – a signal to buy from large support levels with a decline.
Description of indicators
MA (average sliding) 50 days – yellow
MA (average sliding) 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