Trading plan for the European session on May 31 EUR / USD

To open long positions for EUR / USD, you need:

The continuation of the growth of the euro will depend on the data on inflation in the euro area. If the data is good, then the breakthrough of 1.1705 level will lead to the continuation of EUR / USD growth with reaching the highs around 1.1747 and 1.1785, where I recommend fixing the profit. In the case of a decline under the support level of 1.1648, the best way to buy the euro is to return to the rebound from 1.1597.

To open short positions for EUR / USD, you need:

An unsuccessful consolidation above the level of 1.1705 with a return to this level will be the first signal for the opening of short positions in euros with the main goal of returning to support level of 1.1648, where the pressure on the pair will increase even more, which will lead to a large area of 1.1597, where I recommend fixing the profits. In the case of growth above 1.1705 in the morning, sales can be searched from the levels of 1.1747 and 1.1785.


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 -