Trading Conditions
Products
Tools
To open long positions on EURUSD, you need:
The lack of important fundamental statistics and the publication of the minutes of the European Central Bank, expected closer to the second half of the day, all this limits the demand for the European currency, which continues to push near the highs of this week, failing to overcome them in the first half of the day. The first resistance level has shifted slightly and now the important task of buyers is to break and consolidate above the maximum of 1.1090, which will resume the upward trend and lead to an update of the levels of 1.1109 and 1.131, where I recommend taking the profits. However, the publication of the minutes of the European Central Bank could significantly harm buyers if traders find hints of further weakening of the monetary policy. In the scenario of EUR/USD decline, it is best to consider new long positions after updating the minimum of 1.1056, which coincides with the lower border of the side channel or buy the euro immediately on the rebound from the area of 1.1028.
To open short positions on EURUSD, you need:
Although the sellers did not fully cope with the morning task, pushing the resistance level of 1.1082 to the area of 1.1090, a larger upward trend was not formed. In the afternoon, the bears will try to take advantage of the weakness of the euro after the publication of the minutes of the European Central Bank, as well as good statistics on the US economy and return the pair to the support area of 1.1056. However, only a breakthrough of this support will push EUR/USD even lower to the lows of 1.1028 and 1.0994, where I recommend taking the profits. If the demand for the euro returns in the first half of the day, it is best to return to short positions on a false breakdown of the resistance of 1.1109, but you can sell EUR/USD on a rebound from the maximum of 1.131.
Indicator signals:
Moving Averages
Trading is just above the 30 and 50 moving averages, but it is too early to talk about building a new upward trend.
Bollinger Bands
A break of the lower border of the indicator around 1.1065 will lead to a larger sell-off of the euro, but a break of the upper border around 1.1090 will lead to the continued growth of the euro.
Description of indicators
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.