07.04.202012:35 Forex Analysis & Reviews: EUR/USD: plan for the US session on April 7. Bulls take the level of 1.0834 and expect continued growth

To open long positions on EURUSD, you need:

In my morning review, I paid attention to the probability of a breakout of the resistance of 1.0834, which led to a sharp increase in the euro in the first half of the day. The formation of a breakout of this range is clearly visible on the 5-minute chart. Growth was also helped by February data on the economy in Germany, where there was an increase in industrial production and Italy, where there was a surge in retail sales. At the moment, the next target of the bulls is the resistance of 1.0897, fixing on which will lead to further strengthening of EUR/USD to the maximum area of 1.0961, where I recommend fixing the profits. If in the second half of the day, after the meeting of the Eurogroup, there will be a downward correction in the euro, then it is best to return to long positions only when forming a false breakout from the support level of 1.0834 or buy EUR/USD immediately on the rebound from the minimum of 1.0772, a return to which will cancel out all the upward correction that was formed at the beginning of this week.

To open short positions on EURUSD, you need:

Bears are still standing on the sidelines, as there was no serious resistance in the area of 1.0834. The nearest resistance is the level 1.0897, but I recommend opening short positions from it in the second half of the day only after the formation of a false breakout. Given that the Eurogroup's decision can have a positive effect on the euro, it is best to postpone sales immediately for a rebound until the maximum of 1.0961 is updated, counting on a correction of 30-40 points within the day. An equally important task for bears will be to return and consolidate the pair below the support of 1.0834, which will lead to a larger decline and a test of the minimum of 1.0772, where I recommend fixing the profits.

Signals of indicators:

Moving averages

Trading is conducted above the 30 and 50 daily moving averages, which indicates a likely continuation of the euro's growth.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger Bands

If the pair declines in the second half of the day, the average border of the indicator around 1.0800 will act as support.

Description of indicators

• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
• Bollinger Bands (Bollinger Bands). Period 20