To open long positions on EUR / USD pair, you need:
Weak data on industrial production put pressure on the euro in the first half of the day but buyers are still holding the pair above the support of 1.1315, to which I paid attention. While trading is conducted above this range, the demand for the euro will remain but the main goal of the buyers is to update the maximum around the level of 1.1351. A consolidation above here will lead to a new upward trend in the area of 1.1386, where I recommend fixing profits. In the case of a decline below the level of 1.1315, you can consider long positions at a rebound from the low of 1.1289, where the bulls will try to build the lower limit of the new upward price channel.
To open short positions on EUR / USD pair, you need:
Bears showed themselves in the morning but now requires a breakthrough and consolidation below the support of 1.1315. Only in such a scenario, we can expect a further decline of EUR/USD to the area of 1.1289 minimum, where I recommend taking profits. If the euro rises in the afternoon after the release of weak data on inflation in the US, you can consider short positions from 1.1351 or sell the euro major pair for a rebound from the maximum of 1.1386.
More details in the video forecast for February 13
Indicator signals:
Moving averages
Trade is conducted above the 30- and 50-medium moving, which indicates a possible continuation of the upward correction in the euro.
Bollinger bands
The volatility of the Bollinger Bands indicator falls, which does not give signals to enter the market. However, a breakthrough on the upper border around the area of 1.1344 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
