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To open long positions on EURUSD, you need:
Good data on business activity in the Eurozone countries led to a rise in the European currency this morning, which I drew attention to in my morning forecast. If you look at the 5-minute chart, you will see how the bulls achieved a breakout and consolidation above the resistance of 1.1279. The reverse test of this level from top to bottom was a good point for opening long positions in the euro, and excellent data on business activity in France strengthened the confidence of traders in a more active recovery of the Eurozone economy. Now buyers are confidently approaching the resistance of 1.1349, which will be the focus in the second half of the day. Most likely, after the first test, there will be a correction, and the bulls will fix long positions. But by the middle of the North American session, major players may try to continue the pair's growth. Fixing above 1.1349 will be a signal to open long positions in the expectation of updating the maximum of 1.1418, which is the goal for the middle of this week. With a downward correction of EUR/USD in the second half of the day, and the release of similar reports on the US economy is expected, it is best to return to long positions only for a rebound from the morning level of 1.1279, based on a movement from it of 20-25 points within the day.
To open short positions on EURUSD, you need:
Sellers are not in a hurry to return to the market yet. Having conceded the level of 1.1279 in the morning, they made a sluggish attempt to regain this range, however, good data on the Eurozone discouraged any desire to sell the euro. At the moment, the bears will be waiting for reports on activity in the US manufacturing sector and the non-manufacturing sector. Good indicators, which are sure to be recorded in May this year, will strengthen the position of the US dollar and lead to a decrease in the euro. It is best to open short positions after updating the resistance of 1.1349 in the hope of returning the pair to the support of 1.1279, where I recommend fixing the profits. In the scenario of no active sales in the area of 1.1349, it is best to postpone short positions until the maximum of 1.1418 is updated. An equally important task for sellers will be to return the pair to the support of 1.1279, since only in this case it will be possible to talk about maintaining the market on their side.
Signals of indicators:
Moving averages
Trading is conducted above the 30 and 50 daily moving averages, which indicates active purchases by major players.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger Bands
In the case of a downward correction, the pair will be supported by the average border of the indicator around 1.1279. You can open long positions immediately on the rebound from the lower border in the area of 1.1230.
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.
