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To open long positions on EURUSD, you need:
In the first half of the day, I paid attention to the report on GDP growth in Germany. As can be seen from the report, the economy showed a barely noticeable growth of 0.1% in October this year compared to September, which negatively affected the European currency and its prospects. The bulls missed the support of 1.1000 and now all the focus is shifted to the data on the US labor market and producer prices. In the case of weak reports, it is best to consider long positions after returning to the resistance of 1.1000, after which it will be possible to talk about an upward correction to the highs of 1.1025 and 1.1054, where I recommend taking the profits. While the pressure on the euro remains, and there are still very few reasons for growth, it is worth paying attention to purchases only after the update of the lows of 1.0972 and 1.0943.
To open short positions on EURUSD, you need:
Against the background of weak indicators on economic growth in the eurozone, euro sellers coped with the task in the first half of the day and managed to gain a foothold below the support of 1.1000, which keeps the downward momentum in the market. Good data on the US labor market and inflation can lead to a further decline in EUR/USD in the area of lows of 1.0972 and 1.0942, where I recommend taking the profits. If the euro does not fall by the middle of the North American session, the bulls can take matters into their own hands and return the pair to the resistance of 1.1000. In this scenario, the first active short positions can be observed only in the area of the maximum of 1.1025, but larger sellers will prefer to return to the market only after the test area of 1.1054.
Indicator signals:
Moving Averages
Trading is conducted below 30 and 50 moving averages, which indicates a bearish nature of the market.
Bollinger Bands
If the euro rises in the second half of the day, the upper limit of the indicator around 1.1015 will act as a resistance.
Description of indicators
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