To open long positions on EUR / USD pair, you need:
Today, the direction of the market will set the reports for the eurozone countries. If buyers manage to return to the resistance level of 1.1301, then we can expect a larger upward trend with the return and repeated test of the maximum of 1.1323. A breakthrough in the said level will continue the upward trend to the levels of 1.1336 and 1.1358, where I recommend fixing the profit. If the EUR / USD falls in the first half of the day amid weak PMI data, it is best to return to long positions on a rebound from the lower border of the channel at 1.1280 or from the new minimum of 1.1258.
To open long positions on EUR / USD pair, you need:
The bears managed to consolidate below the resistance of 1.1301. As long as the trade is conducted below this level, the pressure on EUR/USD pair will continue, which will lead to an update of the lower boundary of the side channel in the area of 1.1280, where I recommend taking profits. It is best to expect a larger downward trend after the release of weak PMI index reports for the eurozone countries, which will open the way to the minima of 1.1258 and 1.1232. In case that the EUR/USD pair rises in the first half of the day, it is best to return to short positions after updating the highs of 1.1323 and 1.1358.
More details about the forecast can be found in the video review.
Indicator signals:
Moving averages
Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.
Bollinger bands
The volatility of the Bollinger Bands indicator has decreased, which does not give signals on the market entry.
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
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