To open long positions for EURUSD, it is required:
The market situation has not changed during the first half of the day. Still, buyers need to consolidate above the resistance of 1.1593, where you can expect a larger growth in the area of weekly highs, to the resistance of 1.1634-40, as well as to update the level of 1.1689, where I recommend to lock in profit. In case of a further decline in the euro, we can count on the support from the level of 1.1543 only in the formation of the next false breakout. Otherwise, it is better to open new long positions after updating 1.1513 and 1.1482.
To open short positions for EURUSD, it is required:
As long as the trade is below 1.1593, the pressure on the euro will persist, which could lead to a retest of intermediate support at 1.1543, the breakdown of which will open new weekly lows around 1.1513 and 1.1482, where I recommend profit taking. In the event of growth above 1.1593 in the afternoon, selling the euro can be on the rebound from the weekly highs of 1.1634-40.
Indicator description
- Moving Average (average sliding) 50 days - yellow
- Moving Average (average sliding) 30 days - green
- MACD: fast EMA 12, slow EMA 26, SMA
- Bollinger Bands 20
