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EUR / USD: plan for the European session on May 27. A correction in the area of 1.1195 and 1.1175 will be required to continue

To open long positions on EURUSD you need:

The news last Friday gave the euro a rising momentum. However, there are no important fundamental statistics today, and, most likely, the day will be quite calm. It is best to take a closer look at long positions in the euro when the support for 1.1195 is updated, with the formation of a false breakdown there, or a rebound from the larger level 1.1178, to which the moving averages will be pulled up to this point. The main task will be to breakthrough and consolidate above the resistance level of 1.1224, which will maintain an upward impulse to the area of highs 1.1243 and 1.1261, where I recommend taking profits.

To open short positions on EURUSD you need:

A false breakdown and a return under a large resistance level of 1.1224 which will be a signal to open short positions in the euro. The main task will be to return and consolidate below the support level of 1.1195, which will push the euro to a larger minimum of 1.1178, where I recommend to take profits. With a growth scenario of 1.1224, you can sell after updating the resistance level of 1.1243 or to rebound from a maximum of 1.1261.

Indicator signals:

Moving averages

Trade is conducted slightly above 30 and 50 moving averages, which indicates a preserving upward correction in euros with the option of building a new trend.

Bollinger bands

In the case of euro growth in the first half of the day, the upward trend may be limited by the upper limit of the indicator in the region of 1.1218, while the lower boundary in the area of 1.1195 will support the euro while decreasing.

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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