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EUR / USD: plan for the European session on December 17. The latest rise in the US dollar before the rate hike?

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

Euro buyers left the market after good US statistics were released, against weak eurozone growth rates. At the moment, purchases can be viewed only if a false breakdown is formed in the morning support area of 1.1306, with the main goal being to break and consolidate above 1.1332. Only this scenario will allow us to consider the continuation of growth of EUR / USD to a maximum of 1.1356, where I recommend fixing the profits. In the case of a pair decline in the first half of the day under the level of 1.1306, you can take a closer look at long positions after the large support test of 1.1286, where traders will try to build the lower limit of the new ascending channel.

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

Sellers will continue to bet on the fall of the euro before raising rates in the US this week. A good level for short positions can be seen in the resistance area of 1.1332, or you can sell EUR / USD for a rebound from the maximum of 1.1356. The main task will be the return and consolidation under the support of 1.1306, which will lead to a number of sales of the euro with a minimum of 1.1286 and 1.1267, where I recommend fixing the profit.

Indicator signals:

Moving Averages

Trade has moved under the 30-day and 50-day moving averages, which indicates a continued decline in the euro. The 50-day moving average is a good resistance level, from which you can open short positions to rebound.

Bollinger bands

In the case of a decline in the euro, long positions can be viewed at a rebound from the lower limit of the Bollinger Bands indicator, which is located in the 1.1282 area.

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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