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To open long positions on EUR / USD pair, you need:
Euro buyers attempted to continue growth today against the backdrop of a good report on producer prices in Germany. However, they failed to gain a foothold above the resistance of 1.1355. In the afternoon, all attention will be focused on the Fed's protocols but the bulls still need to break down and consolidate above the resistance of 1.1355, which will lead to a larger upward correction already in the area of maximum 1.1394 and 1.1432, where I recommend taking profits. In the case of EUR / USD decline, long positions can be opened on the condition that a false breakdown is formed in the support area of 1.1319, where the moving average is concentrated or to rebound from the 1.1279 minimum, where the lower limit of the upward price channel is seen.
To open short positions on EUR / USD pair, you need:
Euro sellers formed a false breakdown today, which I drew attention in the morning forecast, in a condition that long trading will be below 1.1355 resistance. Then, we can count on a further decline of EUR/USD pair to the support area of 1.1319, where I recommend taking profits. In case of consolidation below this level, the pressure on EUR/USD pair may increase significantly, which will return the pair to the region of the lower border of the ascending channel and will lead to an update of the 1.1279 minimum. Under the scenario of a further upward correction after the publication of the Fed's minutes and a breakthrough of 1.1355, the euro can be sold for a rebound from the maximum of 1.1394.
More in the video forecast for February 20
Indicator signals:
Moving averages
Trading remains above the 30- and 50-medium moving, indicating a bullish market advantage.
Bollinger bands
In the case of an upward correction, growth will be limited by the upper limit of the Bollinger Bands indicator in the area of 1.1355 and a breakthrough of this level will be a good signal to buy.
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
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