To open long positions on EUR / USD pair, you need:
While trading of the EUR/USD pair is above the support level of 1.1254, traders are preparing for a speech by the President of the European Central Bank, which may shed light on the future direction of the pair. The main goal of the bulls in the afternoon will be a breakthrough and consolidation above the resistance of 1.1284, which will lead to an update of the maximum near 1.1324 and 1.1358, where I recommend taking profits. In the case of the EUR / USD decline scenario in the second half of the day, it is best to look at long positions on a false breakdown around 1.1254 or buy directly on the rebound from a minimum of 1.1223.
To open short positions on EUR / USD pair, you need:
Bears will manifest themselves only after the formation of a false breakdown in the area of resistance 1.1284, which will lead to renewed pressure on the euro and a decrease in the area of support of 1.1254. However, the main task of the sellers after the speech of the ECB President Mario Draghi will be a breakthrough of the level of 1.1254 and a test of the minimum in the area of 1.1223 and 1.1183, where I recommend taking profits. In case that the EUR / USD growth scenario is above 1.1284 in the second half of the day, it is best to consider short positions on a rebound from the maximum and 1.1324.
More in the video forecast for April 10
Indicator signals:
Moving averages
Trade is conducted in the region of 30 and 50 moving averages, which indicates the preservation of the lateral nature of the market.
Bollinger bands
In the event of a decline, support will be provided by the lower limit of the Bollinger Bands indicator in the area of 1.1255.
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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