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EUR / USD: plan for the European session on November 29. Fed Chairman can slow down with rising interest rates in the US

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

The euro rose strongly yesterday after the Fed chairman signaled that he could stop raising rates earlier than expected or slow down the pace of their increase. The formation of a false breakdown in the area of intermediate support of 1.1374 will be a signal to buy the euro to break through and fix above the resistance of 1.1417, which will lead to a continuation of the uptrend in the maximum area of 1.1468, where I recommend fixing the profits. In the case of a decline below the level of 1.1374, you can take a closer look at long positions around 1.1341 or at a rebound from a minimum of 1.1304.

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

The downtrend is broken. Now, the bears need to return to the support level of 1.1374, which will lead to a downward correction in the area of 1.1341, where I recommend fixing the profits. It will be possible to talk about the return to the market of large sellers only after the test of a minimum of 1.1304. If the uptrend continues, short positions can be considered when forming a false breakdown in the area of 1.1417 or on a rebound from a new maximum of 1.1468.

Indicator signals:

Moving Averages

Trade is conducted above the 30- and 50-day moving averages, which indicates the continuation of the formation of a downtrend. In the case of the euro downward correction, the 30-day average will provide good support.

Bollinger bands

The upward trend in EUR / USD may be limited by the upper border of the Bollinger Bands indicator in the area of 1.1431. In the event of a decline in the euro in the first half of the day, support will be provided by the middle of the indicator in the area of 1.1345, from where you can buy immediately for a rebound.

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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