EUR / USD pair: plan for the US session on December 17. Weak inflation data did not harm the euro

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

Once again, weak statistics on the eurozone economy is ignored by traders but I don't recommend hurrying with purchases at current levels. The decline in inflation and a weak report on foreign trade did not harm the euro. In the afternoon, the demand may persist until the update of the level 1.1356, where the upward potential will be limited. A more acceptable level for purchases will be the area of 1.1332. However, it is necessary to wait for the formation of a false breakdown. In the event of a decline in the euro under the support of 1.1332, it is best to consider long positions on a rebound from the morning support 1.1311.

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

Unfortunately, the bears were completely absent at the level of 1.1332 and lost it in the morning. You can sell the euro in the second half of the day for a rebound after the 1.1356 maximum test or after returning to the level of 1.1332, which will be a late reaction to weak statistics for the eurozone and will lead to profit taking on long positions returning to the support area of 1.1311, where I recommend to take profits.

Indicator signals:

Moving averages

Trade is conducted between the 30- and 50-day moving average, which indicates the uncertainty with the further short-term market direction.

Bollinger bands

If the euro declines in the second half of the day, it is best to return to purchases from the lower limit of the Bollinger Bands indicator around 1.1311.

Forex market video forecast for December 17

q1Es8W3A92eHGDQzIYXrP9aT3o1z-fN5m1eUC6yE

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