To open long positions on EUR / USD pair, you need:
Euro buyers returned to the market after good reports in Germany, where the balance of foreign trade increased and the industrial output increased in Italy. At the moment, the main task is to fix above the resistance level of 1.1343, which will lead to a larger upward correction in the area of 1.1366 and 1.1394, where I recommend to fix the profit. In the case of a re-decline of the euro to the support of 1.1322, long positions are best considered on a false breakdown and you can buy the EUR/USD pair for a rebound from a minimum of 1.1292.
To open short positions on EUR / USD pair, you need:
In the morning, sellers did not have enough in the market to resume the downward trend. Short positions in the second half of the day can be seen at the rebound from the resistance of 1.1366 or from a new high in the area of 1.1394, where euro buyers will take profits. The main task of the bears by the end of the week is to sustain trading below the resistance level of 1.1343, which will make it possible to count on a further decline in the EUR/USD pair.
More in the video forecast for February 8
Indicator signals:
Moving averages
Trade is conducted in the area of 30- and 50-medium moving, which indicates the formation of the lateral nature of the market.
Bollinger bands
The volatility of the Bollinger Bands indicator falls, which does not give signals on market entry, and a breakthrough of the upper border in the area of 1.1355 may lead to a larger growth of the European currency.
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
