To open long positions for EURUSD, it is required:
While the trade is above 1.1696, buyers of the euro can expect to go beyond the limits of the large resistance of 1.1742, but it would be best to open long positions there after a real breakdown and steadying on this range, which can occur only on the second test, after a slight correction down from the 50- day moving average. The main goal will be to update the level of 1.1786, where I recommend profit taking. In the event of a decline below the level of 1.1696, you can buy the euro for a rebound from 1.1664 and 1.1639.
To open short positions for EURUSD, it is required:
Bears will try to keep the pair below the level of 1.1742, which will be the first signal for the opening of short positions, which may lead to a retest of support of 1.1696 and its breakthrough, opening new monthly lows around 1.1664 and 1.1639, where I recommend fixing profits. In case of growth above 1.1742, the euro can be sold for a rebound of 1.1786.
Indicator description
- Moving Average (average sliding) 50 days - yellow
- Moving Average (average sliding) 30 days - green
- MACD: fast EMA 12, slow EMA 26, SMA 9
- Bollinger Bands 20
