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EUR / USD plan for the US session on May 28. Consumer confidence in the eurozone remained at the past level

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

The European currency only regained its morning position after the release of a report on consumer confidence in the eurozone, as well as lending, but the technical picture remained the same. To continue the upward impulse, it is necessary to get above the resistance of 1.1196, where the demand for the euro will increase. This will lead to an update of the highs of 1.1218 and 1.1243, where the upper limit of the current upward channel is located. In the event of a decline in the euro against the background of strong data on the American economy, support will be provided by the area of 1.1170 but it is best to open long positions from it, provided that a false breakdown is formed. I recommend to buy the EUR/USD pair for a rebound only after the testing of the minimum at 1.1143.

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

False breakdown and decline under the resistance level of 1.1196 led to a slight decrease in the euro in the first half of the day. However, the main task of sellers is to return to the major support level of 1.1170, which will increase the pressure on the euro and lead to an update of the minimum of 1.1143, where I recommend taking profits. If the scenario is a weak report on consumer confidence in the US, it is best to return to short positions in EUR/USD pair after updating the maximum of 1.1218 or to rebound from a larger level of 1.1243.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.

Bollinger bands

Volatility has decreased, which entered 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

The material has been provided by InstaForex Company - www.instaforex.com