EUR / USD pair: plan for the US session on December 7. The market is waiting

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

There are no serious new data, and the Eurozone GDP report did not lead to a change in the market situation. Traders paused before an important report on the number of people employed outside the agricultural sector. Buying requires the formation of a false breakdown in the area of 1.1360, with an exit and fixation above the resistance of 1.1388, where I recommend taking profits. In the case of a breakthrough and consolidation below the support of 1.1360, it is best to return to long positions to rebound from the lower boundary of the side channel 1.1324. However, much will depend in the afternoon on the labor market report.

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

Breakthrough and consolidation below the support of 1.1360 will lead to a larger sale of the euro with a return to the region of the lower border of the side channel 1.1324, where I recommend fixing the profit. In the case of the euro growth attempt, it is best to look at short positions on a false breakdown from resistance level 1.1388 or on a rebound from the upper limit of the side channel 1.1418 against the background of a weak report on the labor market.

Indicator signals:

Moving averages

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

Bollinger bands

Bollinger Bands indicator volatility decreased. There are no market entry signals.


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 -