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EUR / USD: plan for the European session on November 22. The pressure on the euro may remain

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

Yesterday, a decision was made in Italy, and the measures to be applied will be known only in two weeks. Today, the growth of the euro will depend on whether buyers will be able to keep the support level of 1.1382. The formation of a false breakout on it will lead to an increase in EUR / USD, and the main task will be a breakthrough and consolidation above the resistance of 1.1424, which will make it possible to count on a larger upward trend with the update of the week maximum around 1.1468, where I recommend fixing the profits. In the event of a decline in the euro under the support level of 1.1382, it is best to return to the rebound from the lows of 1.1339 and 1.1296.

To open short positions on EUR / USD you need:

A break of support at 1.1382 could lead to the formation of a larger downward wave in European currency with a rise to the lows of 1.1339 and 1.1296. It is likely that the bears will closely monitor the monetary policy report of the European Central Bank, and any negative changes could lead to an even bigger euro sale. In the case of growth in the first half of the day, short positions can be returned when a false breakdown is formed in the resistance area of 1.1424. In a different scenario, open short positions in EUR / USD is best for a rebound from a maximum of 1.1468.

Indicator signals:

Moving Averages

Trade is conducted in the area of 30- and 50-day moving averages, which indicates the formation of a side channel.

Bollinger bands

The volatility of the Bollinger Bands indicator decreases, which does not give clear signals on market entry. A break of the lower border around 1.1375, together with the support level of 1.1380, could lead to a larger euro sale.

More details about the forecast can be found in the video review.

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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