To open long positions on EURUSD you need:
Today, euro buyers need to return to the resistance level of 1.1386, as it failed to clutch to last Friday, which led to the formation of a new downward channel. A consolidation above 1.1386 for today will make it possible to preserve the bullish nature of the market, which will lead to the renewal of the weekly high around 1.1417, where I recommend taking profits. In case of weak data on producer prices in the eurozone, it is best to consider new long positions in EUR/USD after the formation of a false breakdown in the support area of 1.1354 or a rebound from the low of 1.1317.
To open short positions on EURUSD you need:
Friday's weak data for the eurozone and the US kept the pair in a narrow price range, but the advantage is on the side of the euro sellers. As long as trading continues below the border of 1.1386, the pressure on EUR/USD will continue. The formation of a false breakdown at this level after the release of the report on producer prices in the eurozone will be a direct signal to sell the euro in order to decline and breakdown support at 1.1354. This in turn will lead to a larger sale to the area of a low of 1.1317, where I recommend taking profits. Under the scenario that the euro increases above the resistance of 1.1386, it is best to consider new short positions for a rebound from a high of 1.1417 and 1.1459.
Indicator signals:
Moving averages
Trading near the 30-day and 50-day moving averages, which indicates market uncertainty, with a slight advantage of sellers.
Bollinger bands
A break of the lower limit of the Bollinger Bands indicator near 1.1354 could lead to a new euro sale. Growth will be limited to the upper boundary of the indicator in the area of 1.1390, where you can see sales of the euro.
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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