29.12.201703:18 Forex Analysis & Reviews: Trading plan for the Asian session on December 29 EUR/USD and GBP/USD

EUR/USD

To open long positions for EURUSD, it is required:

While the trade is above the level of 1.1932, you can count on a sustained growth of the euro during the Asian session in the resistance area of 1.1966. In the event of a return towards the level of 1.1932, I recommend that you pay attention to long positions only after the support test at 1.1902.

To open short positions for EURUSD, it is required:

A return of 1.1932 will limit the upside potential of the euro during the Asian session, which could lead to a selling of the EUR/USD pair towards the area of 1.1902 with a key target of 1.1866, where it is advised to lock in the profit. Furthermore, short positions can be considered immediately for a rebound from the level of 1.1966.

GBP/USD

To open long positions for GBP/USD, it is required:

A return to long positions on the pound can only be considered after the breakdown and a consolidation above the level of 1.3452, which opens a direct road to the weekly highs in the area of 1.3477 and 1.3514, where it is advised to lock in the profits. In case the pound declines at the beginning of the Asian session on Friday, new purchases can be considered for a rebound of 1.3422.

To open short positions for GBP/USD, it is required:

While the trade is below 1.3452, we can expect a further decline in the GBP/USD pair with a return towards 1.3422 and an update of 1.3400, where it is advised to lock in the profit. In case of growth above 1.3452, consider opening new short positions immediately at a rebound from 1.3514.

Indicator description

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