24.08.202013:46 Forex Analysis & Reviews: EUR/USD: plan for the American session on August 24

To open long positions on EURUSD, you need:

In the first half of the day, I paid attention to the level of 1.1815 and recommended opening long positions from it in the scenario of consolidation above this range. If you look at the 5-minute chart, you will see that although the bulls are fixed above this range, we did not wait for a control test of this level from top to bottom to form a good entry point into long positions. As a result, whoever missed this signal did everything correctly. At the moment, the main task of the bulls for the second half of the day will be to protect the support of 1.1815, and only under this condition and the formation of a false breakout, you can open long positions in the hope of continuing the growth of EUR/USD to the maximum of 1.1884, where I recommend fixing the profits. However, on an empty economic calendar, such growth is unlikely to occur. If the trade moves below the level of 1.1815, it is best to postpone opening long positions until the minimum of 1.1765 is updated in the expectation of a correction of 20-30 points within the day.

To open short positions on EURUSD, you need:

The sellers' task now is to return the trade to the level of 1.1815 by the end of the day, which they missed in the first half of the day. Only then will it be possible to open short positions in the continuation of the downward trend with the expectation of a test of the minimum of 1.1765, where I recommend fixing the profits. If the demand for the euro will continue in the second half of the day, amid lack of important fundamental statistics, it is best to postpone short positions immediately to a rebound from the resistance of 1.1884, counting on a correction of 20-30 points within the day.

Signals of indicators:

Moving averages

Trading is just above the 30 and 50 daily moving averages, indicating that the bulls are trying to return to the market.

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, support will be provided by the lower border of the indicator around 1.1765, from which you can open long positions immediately for a rebound.

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
• Non-profit traders are speculators, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.
• Long non-commercial positions represent the total long open position of non-commercial traders.
• Short non-commercial positions represent the total short open position of non-commercial traders.
• Total non-commercial net position is the difference between short and long positions of non-commercial traders.