10.05.201908:50 Forex Analysis & Reviews: EUR/USD: plan for the European session on May 10. Buyers need to protect 1.1215

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To open long positions on EURUSD you need:

In the first half of the day, euro buyers need to protect the support level of 1.1215, which they managed to overcome yesterday. While trading will be conducted above this range, you can count on EUR/USD growth in the area of last week's high to 1.1260, which will maintain the upward potential with test levels of 1.1282 and 1.1301, where I recommend to take profits. In case the euro declines in the first half of the day, ahead of the release of significant US data, long positions in the euro are best returned to rebound from a low of 1.1170 or after updating a larger support at 1.1138, where bears will take profits.

To open short positions on EURUSD you need:

The bears need to quickly return to the area below 1.1214, which will be a signal to open short positions in the euro with the aim of declining to a support of 1.1170, where I recommend taking profits in the morning. However, the entire focus of sellers will shift to the data on inflation in the United States, which may could EUR/USD in the region of the lows of 1.1138 and 1.1112. In case the euro further grows, it is best to open short positions to rebound from a high of 1.1260 or even higher - around 1.1300.

Indicator signals:

Moving averages

Trading is above 30 and 50 moving averages, which indicates a resumption of the bull market.

Bollinger bands

In case the euro declines in the morning, support will be provided by the lower limit of the indicator in the region of 1.1200. A break of the upper border in the 1.1244 area will lead to a new wave of euro growth.

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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