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To open long positions on EURUSD you need:
The bulls managed to cope with the task at the beginning of the week and renewed resistance at 1.1082 following the meeting between US President Donald Trump and Federal Reserve Chairman Jerome Powell. The meeting discussed economic policy and interest rates, which increased the likelihood of their decrease in December this year. Currently, buyers of the euro need a breakthrough and consolidation above the resistance of 1.1082, which will maintain an upward trend and lead to an update of the highs in the areas of 1.1109 and 1.1131, where I recommend profit taking. Given that no important fundamental statistics are planned for release in the morning, growth may be limited. In the scenario of EUR/USD decline, purchases can be observed only after the formation of a false breakout in the support area of 1.1056, but you can buy immediately for a rebound from a low of 1.1028, slightly above which the lower boundary of the current rising channel passes.
To open short positions on EURUSD you need:
Sellers expectedly returned to the market after the resistance update at 1.1082, which I spoke about in detail in yesterday's review. Currently, while trading will be below this range, we can expect a further decline in the euro, and the formation of a false breakout at this level will signal the opening of new short positions. The main goal of sellers will be to return and consolidate below the support of 1.1056, which will push the pair even lower to the lows of 1.1028 and 1.0994, where I recommend profit taking. However, it will be possible to talk about the formation of a new downward trend only under the condition of breakout of support at 1.1028, where the lower boundary of the current upward correction passes. If demand for the euro continues today in the morning after the release of eurozone data, which is not particularly important, it is best to return to short positions to rebound from a new high of 1.1109, or sell the euro even higher - from the level of 1.1155.
Signals of indicators:
Moving averages
Trading is conducted above 30 and 50 moving average, which indicates the likely continuation of the upward correction in the pair.
Bollinger bands
Growth will be limited by the upper indicator level in the region of 1.1085. In case the pair falls, it is best to consider long positions after updating the lower boundary of the indicator in the region of 1.1056.
Description of indicators
Díky analytickým přehledům společnosti InstaForex získáte plné povědomi o tržních trendech! Jako zákazníkovi společnosti InstaForex je Vám k dispozici velký počet bezplatných služeb umožňujících efektivní obchodování.
