To open long positions for EUR / USD pair, you need:
The pair will depend highly on the inflation data in Germany. If a false breakout occurs at 1.2250 and moves above the resistance level of 1.2289 on good data, the euro is expected to continue its growth in the region of new monthly highs at 1.2342 and 1.2383, where fixing profits are recommended. However, if the pair moves lower than 1.2250, it is best to expect a rebound from 1.2204 and 1.2160 for purchases.
To open short positions for EUR / USD pair, you need:
In the first half of the day, the formation of a false breakout at 1.2289 and a return to this level, together with weak inflation data in Germany, could lead to a correction of the euro towards the support area at 1.2204 and 1.2160, where fixing profits are recommended. In the case of further growth in the trend above 1.2289, it is best to consider new short positions after the test 1.2342 or on the rebound from 1.2383.
GBP / USD pair
To open long positions for GBP / USD pair, you need:
The formation of a false breakout at 1.3781 or consolidation above 1.3812, along with good inflation data in the U.K., may lead to a further upward trend in the pound to the resistance area 1.3894, where fixing profits are recommended. In the case of a decline below the support level of 1.3781, it is best to count on long positions in GBP/USD pair after updating at 1.3735, or on a rebound from 1.3681.
To open short positions for GBP USD, you need:
The formation of false breakdown at 1.3812, together with weak data, will be the first signal to a possible downward correction after strong growth. The consolidation below the intermediate support level at 1.3781 will completely collapse GBP/USD pair to the area of 1.3735, where fixing profits are recommended. The main target of the sellers will be the area of 1.3681. In case of further growth of the pound on the trend above the level of 1.3812, it is recommended to open short positions only after updating at 1.3894.
To familiarize with the basic concepts and the general rules of my TS is possible here.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Trading leveraged products such as forex and CFDs carries a high level of risk and may not be suitable for all investors. There is a possibility to lose all you initial capital. Before trading you should fully understand the true extent of your exposure to the risk of loss and your level of experience.