EUR / USD pair: plan for the European session on October 31. Bears fail the market even more

To open long positions on EUR/USD pair, you need:

The weak report on the eurozone's GDP was hurt yesterday by the euro and can add "fuel to the fire" today due to the increase in inflation data. The decline will lead to the fall of the euro. You can count on euro purchases only when a false breakdown forms in the region of 1.1337 under the scenario of a good report on the consumer price index. In this case, the goal will be a breakthrough and consolidation above the resistance of 1.1365, which will lead to an upward correction to the area of 1.1395 maximum, where fixing profits are recommended in the region of 1.1337 under the scenario of a good report on the consumer price index. n this case, the goal will be a breakthrough and consolidation above the resistance of 1.1365, which will lead to an upward correction to the area of 1.1395 maximum, where fixing profits are recommended In the case of a decline below the level of 1.1337, traders of long positions in euro can return after updating the minimums of 1.1300 and 1.1251.

To open short positions on EUR / USD pair, you need:

If you want to go ahead, you'll be able to make a statement. and 1.1251, where fixing profits are recommended. In the case of growth above the resistance of 1.1365, it is expected for short positions to return today to the rebound from the level of 1.1395 against the background of good data on inflation in the Eurozone.

Indicator signals:

Moving averages

Trade is conducted under the 30-day and 50-day average, which indicates a continuation of the downward trend in the euro.

Bollinger bands

As long as the trade is conducted below the Bollinger Bands indicator middle line, the pressure on the euro will continue which is located in the area of 1.1349. The breakthrough at the bottom line of the indicator near 1.1329 will only increase pressure on the euro.

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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

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