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EUR/USD: plan for the European session on November 6. There is a balance in the market

To open long positions for EURUSD, it is required:

Yesterday, euro buyers did not allow the downward trend to resume, after good data on the manufacturing sector in the US, and quickly returned the market to a neutral position after a breakthrough of an important level of support. At the moment, the main task is to break through and consolidate above the resistance of 1.1415, which will lead to a breakthrough of the upper limit of the short-term downward channel with a breakdown of stop orders of sellers. The goal will be to update the resistance of 1.1473 with an output of 1.1516, where I recommend to lock in the profit. In case the euro declines, the hope will be the level of 1.1389, the formation of a false breakdown on which will be a signal to buy. Otherwise, you can buy the euro rebound from 1.1355.

To open short positions for EURUSD, it is required:

Sellers need to form a false breakout at the resistance level of 1.1415, and then return and gain a foothold below the important support level of 1.1389. This will allow it to resume the downtrend and update the lower limit of the downtrend price channel, which is located just below the support of 1.1355, where I recommend to take profit. If the euro rises above the resistance of 1.1415 in the first half of the day, sales can be returned to the rebound from 1.1473.

Indicator signals:

Moving averages

Trading is conducted around the 30-day and 50-day average, indicating market uncertainty.

Bollinger Bands

In case the euro declines, support will be provided by the lower line of the Bollinger Bands indicator, which is located in the area of 1.1374, from which you can buy on a rebound. With the growth of the EUR/USD above 1.1415, the upward potential will be limited by the upper limit of the channel in the area of 1.1430, which will form a false breakdown of the level of 1.1415 and indicate the presence of sellers in the market.

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Indicator description

Moving Average (average sliding) 50 days - yellow

Moving Average (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 - www.instaforex.com