21.01.201909:16 Forex Analysis & Reviews: EUR/USD: plan for the European session on January 21. The bears may continue to sell the euro

To open long positions on EURUSD you need:

Weak data on the euro area and a good report on the volume of industrial production in the US once again put pressure on the EUR/USD pair . The first signal to buy the European currency today will be a breakdown and consolidation above the resistance level of 1.1388, which will lead to a larger upward correction to the area of a high of 1.1423, where I recommend taking profits. In the event of a further decline in the euro with the trend, it is best to look at long positions with a test of support for 1.1348 or a rebound from this year's low around 1.1312.

To open short positions on EURUSD you need:

Sellers will emerge after the formation of a false breakdown at the resistance level of 1.1388, which will increase the pressure on the euro, but the main task will be to break through the support of 1.1348, which will lead to a larger sale of EURUSD with a yield of 1.1312, where I recommend taking profits. When the return scenario is above the resistance of 1.1388, against the background of a good report on Germany, I recommend to consider short positions in euro for a rebound from the upper boundary of the side channel last week around 1.1423.

Indicator signals:

Moving averages

Trading remains below the 30-day and 50-day moving averages, which indicates the bearish nature of the market.

Bollinger bands

Short positions in euro can be seen after updating the upper border of the Bollinger Bands indicator in the area of 1.1400.

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