18.01.201802:43 Forex Analysis & Reviews: The trading plan for the American session on January 17 is EUR/USD and GBP/USD

EUR/USD

To open long positions for EURUSD, it is required:

So far, there is no sharp demand for euros and it would be best to consider long positions after a breakthrough and the consolidation above the resistance of 1.2244, which will open the opportunity to update the weekly highs around 1.2318 and 1.2383. In the event of a decline below the level of 1.2197, I recommend that you return to buying the euro after updating 1.2160 or on a rebound from 1.2127.

To open short positions for EURUSD, it is required:

While the trade is below 1.2244, the pressure on the euro will continue. A retest of 1.2197 could lead to a new wave of selling the EUR/USD and an update of key bearish targets towards areas 1.2160 and 1.2127, where I advise that you lock in profits. In case growth above 1.2244 occurs in the afternoon, short positions would be best done after the return to a rebound of 1.2318.

GBP/USD

To open long positions for GBP/USD, it is required:

New purchases of the pound can only be considered after the return and a consolidation above 1.3798, which opens a direct road to the weekly highs around 1.3843 and their update in the area of 1.3894, where I recommend locking in profits. In the event of a retest of 1.3758, it is best to return to long positions in the GBP/USD on a rebound from 1.3707.

To open short positions for GBP/USD, it is required:

While the trade is below 1.3798, we can expect a further correction towards the support area of 1.3758, a second test will lead to a further decline in the GBP/USD with a likely yield of 1.3707 in the afternoon, where I recommend locking in the profit. In the event of growth above 1.3798, you can open short positions on a rebound from 1.3843.

Indicator description

• Moving Average (average sliding) 50 days - yellow
• Moving Average (average sliding) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA
• Bollinger Bands 20