11.02.201909:03 Forex Analysis & Reviews: EUR/USD: plan for the European session on February 11. The downward momentum in the euro slows down

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To open long positions on EURUSD you need:

It is likely that at the beginning of the week the pressure on the euro may still persist, but the downward momentum slows down. The first purchases are best seen under the condition that a false breakdown is formed in the support area of 1.1316, while it is possible to open long positions immediately for a rebound in the area of a low of 1.1292. The main task of buyers, against the background of the absence of important fundamental statistics for the eurozone, will be a breakthrough and consolidation above the resistance of 1.1340, which will increase the demand for the euro and lead to an update of resistance at 1.1366, where I recommend taking profits.

To open short positions on EURUSD you need:

Last week, the euro fell due to weak fundamental data. At the beginning of this week, important statistics are missing. This suggests that the bears need to act more carefully. The main task for the first half of the day will be a breakthrough and consolidation below the support of 1.1316, which will increase the pressure on the euro and lead to an update of the low of 1.1292, where I recommend taking profits. The formation of a false breakdown in the area of resistance at 1.1340, will also be a signal to sell EUR/USD. Otherwise, you can open short positions immediately to rebound from a high of 1.1366.

Indicator signals:

Moving averages

Trade is conducted below the 30-day and 50-day moving average, indicating that the bearish nature of the market remains.

Bollinger bands

In case of an upward correction, the upper limit of the Bollinger Bands indicator around 1.1345 will be a good level for opening short positions in the euro.

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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