19.10.201715:04 Forex Analysis & Reviews: Trading plan for the US session for EUR / USD and GBP / USD pairs on October 19

Long-term review

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EUR / USD pair

To open long positions for EUR / USD pair, you need:

Buyers are expected to show support at the morning levels, which was mentioned in the current forecast for the European session. Now, it is consolidating above the level of 1.1815 and supports the demand for the euro. This can be observed before the resistance renewal of 1.1845, where fixing the profit is recommend today. In case of a larger euro growth in the afternoon, a test at the area of 1.1869 is expected. A return to the level of 1.1815 could jeopardize further upward movement of the currency. Hence, it is best to postpone purchases of such a scenario to a range of 1.1778.

To open short positions for EUR / USD pair, you need:

The euro is best sold after the resistance level of 1.1845 has been renewed. The formation of a false breakdown will be an additional signal to increase short positions and return to 1.1815, which will only increase pressure on the euro. This could lead to a decrease in the support area 1.1778 by the close of the day. In the case of a weak rebound down from 1.1845, It is recommended to postpone selling at the level of 1.1869.

GBP / USD pair

To open long positions for GBP / USD pair, you need:

Buyers have perfectly worked out the morning support for 1.3142 and it is now trying to return to the resistance level of 1.3184. A consolidation above 1.3184 will allow the GBP / USD pair to continue its rise and return to the resistance level at 1.3224, where fixing the profit is recommended today. In the event of an unsuccessful consolidation above 1.3184, it is best to postpone the purchase of the pound until it updates to the level of 1.3142 and repeated.

To open short positions for GBP / USD, you need:

Sellers will be counting on an unsuccessful growth and return to the level of 1.3184. This can strengthen the presence of large players in the market and the GBP / USD pair will return to the area of morning support at 1.3142. Fixing below this level will lead to the removal of a number of stop orders and update to 1.3081, where fixing the profit is recommended. In case of a growth above 1.3184, returning to selling of the pound is best when it rebounds at 1.3224.

Fears of indicators

MA (average sliding) 50 days - yellow
MA (average sliding) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA
Bollinger Bands 20

To familiarize with the basic concepts and the general rules of my TS is possible here.

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