Trading Conditions
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To open long positions on EURUSD, you need:
Data on inflation in the eurozone, which coincided with the forecasts of economists, failed to maintain a positive mood among traders, who did not go to update the weekly highs. Even despite the downward correction that was observed in the first half of the day, the potential for growth of EUR/USD remains, however, it is necessary to get out of the resistance of 1.1195, which was formed in the European session. Only a break in this range will provide the market with the necessary volume that can lead to an update of the highs of 1.1228 and 1.1263, where I recommend fixing the profits. In the afternoon, the focus will shift to the US foreign trade balance and the ISM non-manufacturing index report. Good indicators will lead to a breakout of the level of 1.1168, which was formed today. In this scenario, it is best to expect new long positions to rebound from the low of 1.1336.
To open short positions on EURUSD, you need:
Sellers are hesitantly marking time around the support of 1.1168 and only good reports on the US economy will break through this range, provoking the demolition of several stop orders and a larger drop in the euro to the area of the lows of 1.136 and 1.1095, where I recommend fixing the profits. If the demand for the euro continues in the second half of the day, then only the formation of a false breakout in the resistance area of 1.1195 will be a signal to open short positions. Otherwise, I recommend selling EUR/USD only for a rebound from a maximum of 1.1228. If the data on the US economy does not surprise you, then most likely trade will remain until the end of the day at current levels.
Indicator signals:
Moving Averages
Trading is conducted in the area of 30 and 50 moving averages, which again indicates market uncertainty.
Bollinger Bands
Growth will be limited to the upper level of the indicator around 1.1200.
Description of indicators
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