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To open long positions for EURUSD, it is required:
Buyers of the European currency would need a breakthrough of the major resistance of 1.1344, as it did not go beyond and failed yesterday. Good news on Brexit can also support the euro, and the breakdown of 1.1344 will open new highs for traders in the area of 1.1375 and 1.1408, where I recommend taking profits. Also, long positions can be seen in case of a false breakout in the support area of 1.1307, where the 30-day moving average is located, or on a rebound from the low of 1.1266.
To open short positions for EURUSD, it is required:
Another unsuccessful consolidation above the level of 1.1344 with a return under it during the first half of the day will be a direct signal to open short positions in the euro, which will lead to a decrease in the pair to the area of the intermediate level of 1.1307, the re-test of which will pull down the euro to a low of 1.1266, where I recommend locking in profits. With a further upward trend, you can count on short positions after updating the high of 1.1375 or immediately on a rebound from the resistance of 1.1408.
Data on the balance of foreign trade in the eurozone, as well as statements by representatives of the European Central Bank, may limit the upward potential.
Indicator signals:
Moving averages
Trading is conducted above the 30-day and 50-day moving average, which keeps the upward trend in the pair.
Bollinger Bands
The upper limit of the Bollinger Bands indicator, located in the area of 1.1351, may limit the upward potential in the euro, but its breakdown will lead to a sharp increase. In case the euro declines, the lower limit of the indicator around 1.1280 will be a good level for purchases.
Indicator description
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