31.01.201915:26 Forex Analysis & Reviews: EUR / USD pair: plan for the US session on January 31. Euro Buyers Return Against Low Statistics

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

Amid weak fundamental statistics for the eurozone, euro buyers were expected to return to the market only after the test of the support level of 1.1471, which I talked about in more detail in my morning review. At the moment, the main task is the breakdown of the resistance level at 1.1506, above of which the highs in the region of 1.1539 and 1.1569 open, where I recommend taking profits. In case of a repeated decline to the support area of 1.1471, I recommend returning to long positions in euro only to rebound from a minimum of 1.1434.

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

Sellers have coped with the morning task of returning to the support level of 1.1471, however, it will not be so easy to break through. Only good statistics on the US economy will once again return the EUR/USD to the level of 1.1471. A repeated test of which may lead to a larger euro sale with a yield of 1.1434, where I recommend today to take profits. If demand continues, it is best to open short positions after the formation of a false breakdown around 1.1506 or to rebound from a new high of 1.1539.

More details in the video forecast for January 31

Indicator signals:

Moving averages

Trade returned to the area of 30- and 50-medium moving, which may lead to the formation of a new upward wave in the euro.

Bollinger bands

In the event of a further decline in the euro, support will be provided by the lower limit of the Bollinger Bands indicator around 1.1434. The upward trend is limited by the upper boundary in the area of 1.1530.

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