EUR/USD plan for the American session on February 12. Euro buyers are trying to return to the market

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

The absence of important news in the euro area led to the development of a buy signal, which I talked about in detail in my morning review today. At the moment, euro buyers need to break lower and consolidate above the resistance of 1.1299, which will increase demand and lead to an update of the highs of 1.1321 and 1.1350, where I recommend taking profits. In the event of a decline in the euro in the afternoon to the morning support of 1.1264, it is best to consider long positions when forming a false breakdown or a rebound from the new minimum of 1.1243.

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

In the second half of the day, the chairman of the Federal Reserve System is expected to speak and only a positive tone will be able to return the buyers of the US dollar to the market, which will resume pressure on the EUR/USD pair. Failing to fix above the resistance of 1.1299 will be the first signal to open short positions in euros based on the return and breakdown of support 1.1264, which will open a direct path to new lows in the 1.1243 and 1.1223 areas, where I recommend taking profits. If Jerome Powell turns out to be restrained in his statements, the demand for the euro may continue. In such a scenario, it is best to open new short positions to rebound from the maximum of 1.1321 or after updating the resistance of 1.1350.

Details in the video forecast for February 12

Indicator signals:

Moving averages

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

Bollinger bands

The volatility of the Bollinger Bands indicator is falling, which does not give signals to enter the market and a breakthrough of the upper border around 1.1291 may lead to a larger growth of the European currency.

OMK7ZHemEAa9GYMs9bBHazI5jBU1GqnZl8GsAl21

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