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To open long positions on EUR / USD pair, you need:
Again, weak statistics on the eurozone economy is ignored by traders. A report from the IFO Institute on a weaker growth in activity did not harm the euro, which indicates serious problems for the US dollar ahead of a key meeting of the Federal Reserve System. While the trade will be conducted above the resistance of 1.1384, the demand for the euro will remain. the main goal for the second half of the day will be a maximum of 1.1414, where I recommend taking profits. In the case of a downward correction of EUR / USD, long positions can be return on a false breakdown from the support level of 1.1384 but at least the level of 1.1362 will be a more acceptable area for purchases.
To open short positions on EUR / USD pair, you need:
Returning to short positions in the euro is best to rebound from a major resistance 1.1414. However, the main task for the second half of the day will be consolidation below the level of 1.1384, which will force traders to close a number of long positions. This will lead to a decrease in EUR / USD in the area of larger support of 1.1362, where I recommend taking profits. Attention can be paid to data on the US, which is expected in the afternoon. Weak statistics on the housing market can weaken the position of the US dollar.
Indicator signals:
Moving averages
Trade is conducted above the 30-day and 50-day average, which indicates continued growth of the euro.
Bollinger bands
If the euro declines in the second half of the day, it is best to return to purchases from the middle border of the Bollinger Bands indicator around 1.1365.
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
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