EUR / USD pair: plan for the European session on December 3. The United States will not raise duties on Chinese goods

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

Over the weekend, the United States and China made progress in trade negotiations, which led to the strengthening of the euro today in the Asian session. While trading is above support at 1.1346, the demand for EUR/USD pair will continue. Formation of a false breakout at this level will be an additional signal for opening long positions in order to update the maximum of 1.1392, where I recommend taking profits. In the case of a decline below the level of 1.1346, long positions can be returned immediately to the rebound from the support of 1.1309.

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

Only the formation of a false breakdown and a return below the level of 1.1392 can call into question the continuation of the upward trend in the euro that was formed today during the Asian session, which will be the first sales signal. The main task of the bears remains the level of 1.1346, fixing below of which will lead to a larger fall of EUR/USD pair to the support area of 1.1309, where I recommend taking profits. In the case of EUR / USD growth in the first half of the day above the resistance of 1.1392, I recommend returning to short positions after the update of the maximum near 1.1433.

Indicator signals:

Moving averages

Trade is conducted in the area of 30- and 50-day moving averages, which indicates the formation of the lateral nature of the market.

Bollinger bands

The upward trend in EUR/USD may be limited by the upper border of the Bollinger Bands indicator in the area of 1.1385. In the event of a decline in the euro in the first half of the day, support will be provided by the lower line of the indicator in the area of 1.1309, from where you can buy immediately for a rebound.

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