To open long positions on EURUSD you need:
A number of important reports on the production activity of the eurozone countries is expected to be released today, which can help strengthen the European currency. At the moment, it is best to look closely at long positions in the euro after updating support for 1.1208 or to buy for a rebound from a new low of 1.1176. The main task will be to return and consolidate above the resistance of 1.1240, from where we can expect growth in the area of 1.1269 and 1.1294, where I recommend to take profits.
To open short positions on EURUSD you need:
In case of weak data on the euro area, the pressure on the single currency may resume. An unsuccessful consolidation and return below the level of 1.1240 will lead to a new downward wave of EUR/USD in order to update the low around 1.1208 and 1.1176, where I recommend taking profits. With the EUR/USD growth scenario at the resistance level of 1.1240 in the first half of the day, it is best to consider short positions on a rebound from a high of 1.1269 and 1.1294.
Indicator signals:
Moving averages
Trade is conducted in the area of 30-day and 50-day moving averages, which indicates the lateral nature of the market.
Bollinger bands
A break of the upper border of the Bollinger Bands indicator around 1.1240 may lead to an upward correction in the euro. The breakthrough of the lower border in the area of 1.1208 will lead to a new wave of the euro's decline.
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
