To open long positions on EUR / USD pair, you need:
A good report on the business sentiment of the eurozone allowed euro buyers to return to the level of 1.1293 and keep the pair in a side channel with the probability of continuing the uptrend. However, it is best to consider long positions after breaking through and consolidating above the resistance of 1.1315, which I paid attention to in my morning review. A breakthrough of this range will allow the formation of a new upward trend with the update of the highs at 1.1336 and 1.1358, where I recommend fixing the profit. When the retracement takes place in the support area of 1.1293, it is best to consider EUR/USD purchases from this range provided that a false breakdown is formed. Meanwhile, larger long positions are best opened to rebound from 1.1265 and 1.1232 lows.
To open short positions on EUR / USD pair, you need:
In the first half of the day, the bears formed a false breakdown in the area of resistance at 1.1315, which led to the downward movement of the euro. However, it failed to consolidate below the support of 1.1294, which maintains uncertainty about the future direction. Only a repeated test of 1.1294 can lead to a larger sale of EUR/USD to test the area of support at 1.1265 and 1.1232, where I recommend taking profits. With the EUR/USD growth scenario above 1.1315, short positions can be considered to rebound from the highs of both 1.1336 and 1.1358.
More in the video forecast for April 16
Indicator signals:
Moving averages
Trade is conducted in the region of 30 and 50 medium moving ones, which indicates the side character of the market with a slight bearish advantage.
Bollinger bands
In the event of a euro decline in the afternoon, support will be provided by the lower limit of the Bollinger Bands indicator around 1.1293, against it will lead to a larger wave of euro decline.
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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