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To open long positions on EURUSD, you need:
From a technical point of view, nothing has changed for the European currency amid the absence of important fundamental statistics. Yesterday's sharp rise after the UK election results were not supported by the big players today. Bulls still need to break above the resistance of 1.1198, as only this will strengthen the demand for the euro and will lead to an update of the highs in the area of 1.1226 and 1.1263, where I recommend taking the profits. All attention in the second half of the day will be shifted to the data on retail sales in the United States, and in case of continuation of the downward correction to the support area of 1.1153, only the formation of a false breakout at this level will be a signal to open long positions to continue growth. Otherwise, it is best to buy EUR/USD on the rebound immediately from the minimum of 1.1111.
To open short positions on EURUSD, you need:
Bears will wait for an unsuccessful consolidation above the resistance of 1.1198, which will be the first signal to open short positions. A more important task will be the return and breakdown of the support of 1.1153, which will lead to a downward correction of the euro to a minimum of 1.1111, where I recommend taking the profits. However, it will be possible to count on such a move only after the release of good data on the volume of retail sales in the United States. In the scenario of EUR/USD growth above the resistance of 1.1198 in the afternoon, it is best to return to short positions only after updating the maximum of 1.1226 or sell immediately on a rebound from the larger resistance of 1.1263.
Indicator signals:
Moving Averages
Trading is above the 30 and 50 moving averages, which indicates the continued growth of the euro.
Bollinger Bands
In the case of a decline in the euro after the ECB decision, the indicator will support the average border at 1.1153, while growth will be limited by the upper level of the indicator at 1.1215.
Description of indicators
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