EUR/USD: plan for the European session on April 30. The Fed's decision did not push the euro. Pressure may return before

To open long positions on EURUSD, you need:

Yesterday's data on US GDP, as well as the decision of the Federal reserve to leave interest rates unchanged, did not cause serious changes in the market. Traders are cautious about long positions in the euro, but they are also not in a hurry to buy the US dollar. A number of reports on inflation and unemployment in the eurozone will be released today in the first half of the day, which may put pressure on the pair. It is best to open long positions when EUR/USD falls to the support area of 1.0840 and a false breakout is formed there, which will be the first signal to buy. However, a lot depends on the outcome of the European Central Bank meeting. If there aren't any new measures to help the economy, and rates remain unchanged, the pressure on the euro will increase. In this scenario, it is best to open long positions after updating the lows of the week in the area of 1.0812 and 1.0787, and a larger area where you can buy the euro immediately on the rebound, which is seen in the area of 1.0755. An equally important task for the bulls is to break through and consolidate above the resistance of 1.0885, which will result in continuing the upward trend formed from the low of April 24 this year, and a test of new highs of 1.0916 and 1.0937, where I recommend taking profits.

To open short positions on EURUSD, you need:

Sellers continue to be active with each growth of the European currency and yesterday, they did not allow the pair go above the April 28 high, which indicates the possibility of getting the market under their control. However, first you need to return to the support level of 1.0840, consolidating under which will be a direct signal to open short positions while expecting EUR/USD to fall to lows of 1.0812 and 1.0787, where I recommend taking profits. A more powerful downward momentum can be built following the ECB's decision on interest rates, so the farthest target for the bears at the end of this week will be support for 1.0755. In case the pair grows in the first half of the day following reports on eurozone inflation, you can open short positions after forming a false breakout in the resistance area of 1.0885, but I recommend selling EUR/USD only for a rebound from the highs of 1.0916 and 1.0937 based on a downward correction of 30-40 points within the day.


Signals of indicators:

Moving averages

Trading is conducted slightly above 30 and 50 moving averages, which implies that buyers have a slight advantage.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

Growth may be limited by the upper level of the indicator at 1.0885. In case the euro falls, a break of the lower border of the indicator in the region of 1.0840 will increase pressure on the euro.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
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