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Expert In



EUR/USD: plan for the US session on May 2. Production activity in the eurozone leaves much to be desired

To open long positions on EURUSD, you need:

Weak data on eurozone manufacturing activity did not allow euro buyers to resume an upward correction. At the moment, the problematic level is the resistance area of 1.1227, the breakthrough of which will lead to further growth of EUR/USD and the renewal of the maximum of 1.1260, where I recommend fixing the profit. In the case of the euro decline in the afternoon, after the release of good reports on the US labor market and production orders, it is best to return to long positions on a false breakdown in the support area of 1.1188 or to rebound from a larger level of 1.1150.

To open short positions on EURUSD, you need:

The bears managed to return the pair to the morning resistance level of 1.1215, but so far it was not possible to create the necessary pressure to continue the downward trend. As long as trading continues below 1.1227, the probability of further decline of the euro will remain very high, and good data on the US economy can contribute to the fall of EUR/USD in the area of the lows of 1.1188 and 1.1150, where I recommend fixing the profits. In the growth scenario above the level of 1.1227, it is best to return to the short positions on the rebound from the maximum of 1.1260.

Indicator signals:

Moving Averages

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

Bollinger Bands

In case of a decline in the euro in the second half of the day, the support will be provided by the lower limit of the indicator around 1.1180.


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 -