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EUR / USD pair: plan for the US session on February 4. Eurozone statistics is pessimistic again, Producer prices came out

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

Weak data on producer prices in the eurozone has once again led to continued pressure on the euro in the morning. Today, buyers once again need to keep the pair above the support level of 1.1436, which will be the first signal to buy in order to break through and consolidate above the resistance of 1.1460. Only after such will it be possible to count on continued growth with the building of a new ascending channel and with updating the highs in the region of 1.1487 and 1.1514, where I recommend taking profits. In the case of EUR/USD decline below the support of 1.1436, it is best to take a closer look at long positions at a test of 1.1408 or rebound from 1.1378.

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

Sellers are keeping the pair below the level of 1.1460, which will keep the pressure on the euro. An unsuccessful consolidation above 1.1460 will be the first signal to sell the euro with the main goal of a breakthrough and consolidation below support for 1.1436, which will lead to a large sale of EUR/USD to the area of the minimum at 1.1408 and 1.1378, where I recommend taking profits. If the euro rises in the second half of the day above resistance 1.1460, it is possible to return to sales immediately to rebound from the maximum of 1.1487.

More in the video forecast for February 4

Indicator signals:

Moving averages

Trade is conducted below the 30- and 50-medium moving, which indicates the continued pressure on the euro.

Bollinger bands

In the case of EUR / USD growth, the upside potential may be limited by the upper limit of the Bollinger Bands indicator in the 1.1470 area.

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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