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EUR/USD: plan for the European session on August 26. The breakthrough of the level of 1.1159 will provide new growth for

To open long positions on EURUSD, you need:

The speech of the head of the Fed led to a sharp drop in the US dollar, and now the buyers of the euro are aimed at the resistance of 1.1159, above which it was not possible to get out at the Asian session today. Good reports from the IFO for Germany can lead to a breakdown and consolidation above this level, which will open the possibility of updating the new highs in the area of 1.1189 and 1.1226, where I recommend taking the profits. If there is a downward correction in the euro, the emphasis should be shifted to the support level of 1.1119 and the formation of a false breakdown there. And if you break through this range, you can safely buy EUR/USD to rebound from a minimum of 1.1088.

To open short positions on EURUSD, you need:

Today, the G7 summit begins, so the pressure on the US dollar can be maintained further. Sellers need to prove their strength by forming a false breakdown in the resistance area of 1.1159, which will lead to a downward correction in the support area of 1.119, where I recommend taking the profits. However, the main goal of the bears will be a breakthrough of this range, which can seriously affect the plans of buyers of the euro and lead to an update of a minimum of 1.1088. If the demand for EUR/USD continues in the first half of the day after good reports from the IFO, it is best to look for short positions after updating the maximum of 1.1189, or a rebound from a larger resistance of 1.1226.

Signals of indicators:

Moving Averages

Trading is conducted above 30 and 50 moving averages, which indicates the return of euro buyers to the market.

Bollinger Bands

The growth in the first half of the day will be limited by the upper level of the indicator around 1.1189. And in the case of a major decline in the euro, you can buy a rebound from the lower border in the area of 1.1060.

analytics5d63723cabcce.png

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