22.02.201809:35 Forex Analysis & Reviews: Trading plan for the European session on February 22 EUR / USD and GBP / USD

EUR / USD

To open long positions for EURUSD, you need:

Buying the euro is best after the formation of a false breakout at 1.2268 with a return to it. However, it is best to open long positions after updating larger support levels of 1.2240 and 1.2208. The main target of the buyers will be the consolidation above 1.2296 and the renewal of resistance at the level of 1.2331, where it is recommended to lock in profits.

To open short positions for EURUSD, you need:

Breaking and consolidating below 1.2268 will lead to a further sell-off of the European currency with the main goal of updating to the relatively large support levels of 1.2240 and 1.2208, on which the further direction of the trend will depend on. If the euro rises above 1.2296 in the first half of the day, you can sell immediately on a rebound from 1.2331.

GBP / USD

To open long positions for GBP / USD, you need:

Forming a false breakout and returning to support level 1.3899 will be the first signal to open long positions. Consolidating above 1.3940 will increase the chances of customers to update to the level of 1.4003, where it is recommended to lock in profits. In case, of a further drop in the pound, buying is best after the test at the level of 1.3836 or on a rebound from 1.3800.

To open short positions for GBP / USD, you need:

Breaking and consolidating below the level of 1.3899 will lead to a further drop in the British pound with the main purpose of updating to the support levels of 1.3836 and 1.3800, where it is recommended to lock in profits. If the GBP / USD pair rises above the level of 1.3940 in the morning, it is recommended to return to sales only after a rebound from 1.4003.

Indicator description

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20