EUR/USD: plan for the European session on June 7. Mario Draghi could not stop the growth of the euro, even with his statements

To open long positions on EURUSD you need:

The euro continued to rise despite the statements of the ECB president about a possible interest rate reduction. Currently, buyers need to climb to the resistance level of 1.1273, which will lead EUR/USD to the highs of 1.1304 and 1.1336, where I recommend taking profits. However, the entire emphasis will be shifted to the second half of the day, reports on the US labor market will be released, which may further strengthen the position of the European currency. With the euro decline scenario in the first half of the day, it is best to return to long positions in the euro on a false breakdown from the support of 1.1241, or to rebound from a low of 1.1200.

To open short positions on EURUSD you need:

An unsuccessful breakthrough and a return below the level of 1.1273 will be the first signal to open short positions in the euro, the purpose of which will be the support of 1.1241 and 1.1200, where I recommend that you lock in the profit. However, only good data on the US labor market will strengthen bearish sentiment in the euro, which will lead to an update of a low of 1.1163. With the scenario of further growth of EUR/USD above 1.1273 in the first half of the day, you can take a closer look at short positions from a resistance of 1.1304, or sell the euro to rebound from a high of 1.1336.

Indicator signals:

Moving averages

Trade is conducted just above 30 and 50 moving averages, however, the whole struggle for the trend is still ahead.

Bollinger bands

In case the euro declines, support will be provided by the lower boundary of the indicator in the area of 1.1245, while the upper limit in the area of 1.1300 will act as resistance with growth.

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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
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