EUR / USD pair: Plan for the US session on January 9. Another unsuccessful attempt of euro buyers to return in the market

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

Despite the decline in unemployment in the eurozone, the demand for the euro remains quite weak before the publication of the Fed's channels. The bulls are still required to break through the resistance of 1.1465, which will open the direct route to the maximum of December last year in the area of 1.1497 and lead to an update of the area of 1.1525, where I recommend taking profits. In the case of the euro decline in the second half of the day, one should not pay attention to the support level of 1.1435, and it is best to open long positions in EUR/USD pair for a rebound from the minimum of 1.1407 and 1.1378.

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

The formation of a false breakdown in the resistance of 1.1465, which I drew attention to in my morning review led to a return to the market of sellers, which maintains a downward impulse in euros in order to test a larger support area of 1.1407 and 1.1378, where I recommend taking profits. The publication of the minutes of the Fed in the afternoon may alter the movement of the pair to the support of 1.1349. If the EUR / USD pair rises above the resistance of 1.1465, it is best to open short positions on a rebound from the maximum of 1.1497 and 1.1515.

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 upper limit of the Bollinger Bands indicator around 1.1470 limits the upward potential of the euro. The lower boundary of the indicator in the area 1.1435 will act as a support.

More in the video forecast for January 9

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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