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To open long positions on EUR / USD pair, you need:
After a weak report on PMI index activity in the eurozone, euro buyers failed to rise higher than the resistance of 1.1355 but the demand remains. In the afternoon, all attention will be focused on data of the US economy but the bulls still need to breakdown and consolidation above the resistance of 1.1355, which will lead to a larger upward correction already in the area of maximum 1.1394 and 1.1432, where I recommend taking profits. In the event of a EUR/USD decline, long positions can be opened on the condition that a false breakdown is formed in the support area of 1.1319 or on a rebound from the minimum of 1.1279.
To open short positions on EUR / USD pair, you need:
Today, euro sellers formed a false breakdown, which I drew attention in the morning forecast. As long as trading will be below 1.1355 resistance, we can count on a further EUR/USD decline to the support area of 1.1319, where I recommend taking profits. In case of consolidation below this level, the pressure on the EUR/USD pair may increase significantly, which will return the pair to the area of the minimum at 1.1279. With a scenario of further upward correction and a break of 1.1355, which can happen after the publication of weak data in the US, you can sell the euro to rebound from a maximum of 1.1394 and 1.1432.
More in the video forecast for February 21
Indicator signals:
Moving averages
Trade remains in the region of 30- and 50-moving averages, which indicates the lateral nature of the market.
Bollinger bands
In the case of an upward correction, growth will be limited by the upper limit of the Bollinger Bands indicator in the area of 1.1366. However, a breakthrough of this level will be a good signal to buy.
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
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