To open long positions on EUR / USD, you need:
Today is expected to yield important statistics, both in the first and in the afternoon. Data on the labor market in Germany and inflation in the eurozone can help buyers break through the resistance of 1.1411, which will lead to continued growth of the euro in the area of 1.1444 and 1.1486, where I recommend fixing the profits. Formation of a false breakdown at 1.1386 will also be a good signal to buy the euro. With a decline, against the background of weak data, you can open long positions to rebound from the support of 1.1349.
To open short positions on EUR / USD, you need:
Weak data on inflation in the Eurozone can lead to the formation of a false breakdown in the resistance area of 1.1411, and then to return EUR / USD to the intermediate support level of 1.1386, which will only increase the pressure on the euro and lead the pair to a larger area of 1.1349, where I recommend fixing the profits. In the case of continued growth in the first half of the day above the resistance of 1.1411, it is best to open short positions to rebound from the maximum of 1.1444.
Indicator signals:
Moving Averages
Trade is conducted in the area of 30-day and 50-day moving averages, which indicates uncertainty about the future direction.
Bollinger bands
In the case of a decline in the euro, support will be provided by the lower limit of the Bollinger Bands indicator, which is located in the 1.1349 area. In the case of growth, you can sell on the euro rebound after the test of the upper limit of the indicator in the region of 1.1425.
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
