EUR / USD pair: plan for the American session on January 24. Euro may remain under pressure

To open long positions on EURUSD you need:

Buyers are clearly leaving the market before the meeting of the European Central Bank. While the intermediate support is provided by the lower limit of the side channel at 1.1339, after its test, there is no demand for European currency as we can see on the chart. Everything will depend on the statements made by the President of the ECB. In the case of a breakout and decline scenario of the euro below the level of 1.1339, it is best to return to long positions after testing the minimums of 1.1307 and 1.1272. The main task of buyers for the second half of the day will be a return to the resistance level of 1.1376 with an update of the maximum of 1.1411. In this scenario, you can count on a larger upward correction in euros as early as next week.

To open short positions on EURUSD you need:

After the speech of the ECB President Mario Draghi, a repeated test and breakthrough of 1.1339 level will be a signal to open short positions in EUR / USD with access to new minima in the area of 1.1307 and 1.1272, where I recommend to take profits. An unsuccessful return to the resistance level of 1.1376 in the second half of the day may also lead to another euro sale. In the event that Draghi signals to maintain the monetary policy rate, the euro may rise. In this scenario, it is better to return to short positions from the highs of 1.1411 and 1.1451.

More in the video forecast for January 24

Indicator signals:

Moving averages

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

Bollinger bands

The volatility of the Bollinger Bands indicator is low, which does not give signals to enter the market.

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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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