To open long positions on EURUSD, you need:
A weak report on the growth of the eurozone economy in the 2nd quarter of this year, which was revised downward, led to an update of the support of 1.1021, from which I recommended to open long positions in the morning on the condition of a false breakdown. At the moment, while trade is conducted above the range of 1.1021, the bulls' goal is to break the level of 1.1053, which will lead to updating yesterday's high in the area of 1.1082, where I recommend taking the profits. In the scenario of the EUR/USD decline in the North American session below the level of 1.1021, we can only count on support in the area of 1.0989.
To open short positions on EURUSD, you need:
An important task for bears remains a breakthrough in the support of 1.1021, which may occur after the release of fundamental statistics on the American labor market, which will push the pair below the lows of 1.0989 and 1.0955, where I recommend taking the profit. In the scenario of a return to the resistance level of 1.1053 in the afternoon, you can open short positions provided that there is a false breakdown there, or a rebound from the maximum of 1.1082, which kept the pair from further growth yesterday.
Signals of indicators:
Moving Averages
Trading is around 30 and 50 moving averages, indicating the lateral nature of the market.
Bollinger Bands
Volatility is low, which does not give signals to enter the market.
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
