21.02.201809:11 Forex Analysis & Reviews: Trading plan for the European session on February 21 EUR / USD and GBP / USD

EUR / USD

To open long positions for EURUSD, you need:

Buying the euro is best after consolidating above the level of 1.2345, after which you can expect the recovery of the EUR / USD pair to the area of the larger resistance level of 1.2388 and an update to 1.2419, where it is recommended to lock in profits. In case of a decline in the euro in the morning, buying is best after the formation of a false breakout at 1.2303 or on a rebound from 1.2279.

To open short positions for EURUSD, you need:

While the trade is below the level of 1.2345, the bears will keep the pressure on the euro, which may lead to the renewal of the interim support level of 1.2303 and to the test of a stronger level of 1.2279, where it is recommended to lock in profits. In case of growth above the level of 1.2345 in the morning, selling is best on a rebound from 1.2388.

GBP / USD

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

The formation of a false breakout at 1.3966 or a break and a consolidation above 1.4006 would be a good signal to buy the British pound with the main goal of rebounding to the resistance area of 1.4068, where it is recommended to lock in profits. If the pound is lowering at 1.3966 in the morning, buying the GBP / USD pair can immediately be done on a rebound from 1.3901.

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

The formation of a false breakout at 1.4006 or a break and consolidation below 1.3966 would be a good signal to sell the British pound with the main goal of falling to the support area of 1.3901, where it is recommended to lock in profits. If the pound is above the level of 1.4006 in the morning, selling the GBP / USD pair can immediately be done on a rebounded from 1.4068.

Indicator description:

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20