To open long positions on EURUSD, you need:
In the first half of the day, data on the foreign trade balance of the eurozone provided good support to the euro, as the report exceeded economists' forecasts. Now, the focus of the bulls is shifted slightly higher on the resistance of 1.1165, the breakthrough of which will lead to an upward correction of EUR/USD in the area of highs of 1.1198 and 1.1226, where I recommend taking the profits. If several fundamental statistics on the US economy will support the US dollar, and its release is scheduled for the second half of the day, in this case, it is best to open new long positions only after updating the minimum of 1.129, provided that a false breakdown is formed there, or buy immediately on a rebound from the levels of 1.1090 and 1.1041.
To open short positions on EURUSD, you need:
Sellers are not active, and the low volatility of the market discourages any desire to storm and break this week's low. Good statistics on the US economy, which is not of high importance and will not affect the market in the short term, can lead to a return of EUR/USD only to the support area of 1.1129. Fixing below this level will increase the pressure on the euro and lead to a downward correction in the area of lows of 1.129 and 1.1090, where I recommend taking the profits. With further growth of the pair in the second half of the day, only a false breakout in the area of 1.1165 will be a signal to open short positions. Otherwise, I recommend selling EUR/USD immediately on the rebound only from the maximum of 1.1198.
Indicator signals:
Moving Averages
Trading is conducted around 30 and 50 moving averages, which indicates some market uncertainty.
Bollinger Bands
Volatility is low, which does not give signals to enter the market.
Description of indicators
- Moving average (moving average determines the current trend by smoothing volatility and noise). Period 50. The chart is marked in yellow.
- Moving average (moving average determines the current trend by smoothing volatility and noise). Period 30. The chart is marked in green.
- MACD indicator (Moving Average Convergence / Divergence - Convergence / Divergence of moving averages) - EMA Period 12. Slow EMA Period 26. SMA Period 9
- Bollinger Bands (Bollinger Bands). Period 20
