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To open long positions for EURUSD, it is required:
The euro rose slightly, but at the expense of reaching a preliminary agreement on Brexit, while Italy did not make changes to its budget deficit, thereby violating EU rules. It is possible to return to buying on a breakdown of the resistance of 1.1306, above which the upper limit of the downward channel passes. The breakthrough of these levels will allow the bulls to reach a high of 1.1357 and 1.1402, where I recommend to take profit. In case the EUR/USD decreases in the first half of the day, you can return to long positions on a false breakout from 1.1267, where the moving averages also pass, or on a rebound from a large support level of 1.1226.
To open short positions for EURUSD, it is required:
In the first half of the day there will be reports on inflation in Italy and Spain, which can support the euro, and then the GDP report of the eurozone. Bears need to keep the pair below the resistance of 1.1306 and the lower limit of the downward channel, which passes slightly higher on the chart. The formation of a false breakout will lead to a sell-off of the euro with a minimum test of 1.1267, but the key target for short positions will be the area of 1.126, where I recommend taking profit. In case the EUR/USD increases above 1.1306 on good macroeconomic data, you can return to selling immediately on a rebound from the new high of 1.1357.
Indicator signals:
Moving averages
Trade has moved above the moving average, and the 30-day breaks up from the 50-day moving average, indicating a continuation of the upward correction in the euro.
Bollinger bands
The upper limit of the Bollinger Bands indicator, located in the area of 1.1320, can limit the upward potential in euros, so you can see selling during the test. In case the euro declines, the lower limit of the indicator in the 1.1250 area will be a good level for purchases.
Indicator description
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