Source: Forex Analysis
To open long positions on EURUSD. you need:
The data on inflation in the eurozone did not greatly impress traders, which did not allow euro buyers to break above the weekly maximum in the area of 1.1320. At the moment, the main goal is the formation of a false breakout in the support area of 1.1301, with a return and a repeated test of the maximum of 1.133, the breakthrough of which will continue the upward trend to the levels of 1.1336 and 1.1358, where I recommend taking profit. If EUR/USD falls in the afternoon under the support area of 1.1301, it is best to return to long positions to rebound from the lower border of the channel of 1.1280.
To open short positions on EURUSD, you need:
The bears did not let the pair above the resistance of 1.1315, which I paid attention to in the morning forecast, forming a new area of 1.133. While trading is below this level, the pressure on EUR/USD will remain, and the breakthrough of the middle of the channel 1.1301 will involve new sellers in the market, which will lead to an update of the lower border of the side channel in the area of 1.1280, where I recommend fixing the profit. In the scenario of growth above the level of 1.1333 in the second half of the day, it is best to return to short positions after the update of the highs of 1.1336 and 1.1358.
Trading is conducted in the region of 30 and 50 medium moving, which indicates the lateral nature of the market with a slight bullish advantage.
In the event of a decline in the euro in the afternoon, support will be provided by the average Bollinger Bands indicator around 1.1293, against which 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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