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To open long positions on EURUSD, you need:
Germany's producer price index fell sharply, putting pressure on the euro in the first half of the day after yesterday's sharp rise, which occurred amid comments from representatives of the Federal Reserve. At the moment, it is clear that the buyers of EUR/USD missed an important support level of 1.1241, and only a return to it will stop the current downward trend, which will again lead to a correction in the area of the weekly high of 1.1281, where I recommend taking the profit. To open long positions immediately for a rebound, it is best to wait for the support test of 1.1216 or enter from the lower border of the wide side channel in the area of 1.1195.
To open short positions on EURUSD, you need:
Sellers coped with the task for the first half of the day, which I described in more detail in my morning review, but to maintain pressure on the euro, it is necessary to stay below the level of 1.1241. This can be done after the release of a number of fundamental statistics on the American economy. An unsuccessful test of 1.1241 with a false breakout will be a direct signal to continue selling the euro in order to update a larger minimum of 1.1216, where I recommend taking the profit. In the scenario of EUR/USD return to the level of 1.1241 in the second half of the day, it is best to look at the short positions on the rebound from the upper border of the side channel of 1.1281.
Indicator signals:
Moving Averages
Trade is conducted in the area of the 30 and 50 moving averages, which points to market uncertainty towards the end of the week.
Bollinger Bands
The downward momentum may be limited by the lower limit of the indicator in the area of 1.1225, from where speculative sellers can exit the market.
Description of indicators
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