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To open long positions on EURUSD, you need:
Euro buyers, despite the good data on the US on Friday, managed to reverse the downward trend and start an upward correction. To continue it today, it is necessary to keep above the support level of 1.1163, and the formation of a false breakdown will be the first signal to open long positions in order to update the maximum of 1.1189 and test the new resistance of 1.1215, where I recommend fixing the profit. In case of weak data on production activity in the eurozone and return to the level of 1.1163, it is best to return to long positions in EUR/USD for a rebound from the larger support of 1.138.
To open short positions on EURUSD it is required:
For bears, the resistance level of 1.1189 remains very important, as the formation of a false breakdown will lead to a return to the sellers' market and an attempt to consolidate below the support of 1.1163. Only after the decline under the range of 1.1163, the pressure on EUR/USD will increase more significantly, which will return the British pound to the lows in the area of 1.138 and 1.117, where I recommend fixing the profit. With good production activity in the eurozone, which, of course, is unlikely, it is best to consider short positions on a rebound from a maximum of 1.1215.
Indicator signals:
Moving Averages
Trading is conducted above 30 and 50 moving averages, which indicates the beginning of the formation of an upward correction.
Bollinger Bands
In case of a decline in the euro, the support will be provided by the lower limit of the indicator in the area of 1.1138, while it is possible to sell after an unsuccessful breakdown of the upper limit of the indicator in the area of 1.1195.
Description of indicators
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