28.09.202013:37 Forex Analysis & Reviews: EUR/USD: plan for the American session on September 28

To open long positions on EURUSD, you need:

In the first half of the day, a scenario was played for the purchase of the European currency from the level of 1.1640, which I paid attention to in my morning forecast. However, there is no active growth yet, and after a slight upward movement, the pair is again hovering in anticipation of new benchmarks, which will not be available today, since the release of important fundamental statistics is not scheduled for the second half of the day. Let's deal with what happened. On the 5-minute chart, it was necessary to open long positions to buy the European currency after the breakout and consolidation above the level of 1.1640. Now, until the moment when trading is conducted above this range, you can expect the EUR/USD to continue growing in the area of last Friday's high to the level of 1.1688, where I recommend taking the profit. However, the area of 1.1734 will be a longer-term target. A break and consolidation above 1.1688 will be an excellent signal to increase long positions, as this will lead to the demolition of sellers ' stop orders by analogy, as it was today with the British pound. A return and another test of 1.1640 with the price holding above this level will also be a signal to buy the Euro. If we do not see any bull activity in this area, it is best to postpone long positions in EUR/USD and wait for the update of the lows of 1.1585 and 1.1541, from where you can buy the euro immediately for a rebound in the expectation of correction of 20-30 points within the day.

To open short positions on EURUSD, you need to:

Sellers of the euro decided not to force events and retreated from the level of 1.1640. The task for the second half of the day will be to return this range and fix it under it. The bottom-up test of 1.1640 forms a good entry point for short positions in the expectation of a continuation of the bearish trend, which will open a direct prospect for a decline in the euro to the area of the lows of 1.1585 and 1.1541, where I recommend fixing the profits. If the bulls are stronger and continue the upward correction in the pair, then you should not rush to sell. It is likely that rumors of a trade agreement between the UK and the EU will provide temporary support to the pair. It is best to wait for the maximum update of 1.1688 or open short positions immediately for a rebound from the resistance of 1.1734, based on a correction of 20-30 points within the day.

Signals of indicators:

Moving averages

Trading is just above 30 and 50 daily moving averages, which indicates that the bulls are trying to regain the market position.

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 lower border of the indicator in the area of 1.1610 will provide 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
• Non-profit speculative traders, 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.