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02.05.201810:17 Forex Analysis & Reviews: Trading plan for the European session of EUR / USD pair on May 2

Long-term review

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

In the first half of the day, buyers will try to keep the support level 1.1987 and form a rebound after the yesterday's low at 1.1975. The divergence on the MACD indicator will serve as an additional signal for the opening of long positions in the calculation for correction to the level of 1.2023 and 1.2062. In the event of a breakthrough in support for 1.1987, you can search for purchases only after updating the areas of 1.1940 and 1.1900.

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

The rush and consolidation below support 1.1987 will lead to a new wave of sales of the European currency, testing the new monthly lows in the area of 1.1940 and 1.1900, where fixing profits area recommended. If the euro rises in the morning, a false breakout from 1.2023 will also be a signal for sales. Otherwise, I recommend selling only for a rebound from 1.2062.

Indicators description

MA (average sliding) 50 days - yellow
MA (average sliding) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20

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