EUR/USD: plan for the European session on December 7. Traders are waiting for data on the US labor market

To open long positions on EURUSD you need:

All the attention of traders today will be focused on data on the GDP of the eurozone and the US labor market. The direction of the market will depend on them. For purchases, it is required to form a false breakout in the area of 1.1360, with the exit and consolidation above the resistance of 1.1388, which opens a direct road to the upper border of the side channel of 1.1418, where I recommend taking profit. In the event of a breakthrough and consolidation below the support of 1.1360, it is best to return to long positions on the rebound from the lower border of the side channel of 1.1324, but much will depend on the eurozone GDP report in the first half of the day.

To open short positions on EURUSD you need:

A break and consolidation below the support of 1.1360 will lead to a sharper selling of the euro with a return to the area of the lower border of the side channel of 1.1324, where I recommend taking profit. In case of an attempt for the euro to increase against the background of a good report on the eurozone GDP, short positions are best seen on a false breakout from the resistance level of 1.1388 or on a rebound from the upper limit of the side channel of 1.1418.

Indicator signals:

Moving averages

Trading is conducted in the area of 30-day and 50-day moving averages, but the market volatility is very low, which indicates the lateral nature of the market.

Bollinger Bands

In case of an upward movement, the upper limit of the Bollinger Bands indicator in the area of 1.1400 will act as a resistance. At the first test of the lower border of the channel in the area of 1.1348, there may also be a slight rebound of the euro upwards.

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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
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