Trading plan for the European session on September 6 EUR/USD

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

The buyers were able to coped with the task of returning to the 1.1610 level. Today, the formation of a false breakout will be another signal to buy the euro for the purpose of growth and consolidation above the resistance 1.1646 which will lead to a larger upward wave to 1.1686, where it is recommended to fix profits. If the euro falls below the support level of 1.1610, you can go back to the rebound from 1.1574 immediately.

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

Bears need a return to support level 1.1610 for today. Only after that, it will be possible to talk about the formation of a major downward wave with the renewal of the week's lows around 1.1574 and 1.1531, where it is recommended to fix profits. The formation of a false breakout at 1.1646 will also be a signal for euro sales. Otherwise, you can open short positions on a rebound from 1.1686.

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Indicators Description:

  • 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 presented market analysis is informative and does not constitute a guide to the transaction.

The material has been provided by InstaForex Company - www.instaforex.com