12.02.202014:52 Forex Analysis & Reviews: EUR/USD: plan for the US session on February 12. Bears are not allowed above the level of 1.0922. We are waiting for the speech of Fed Chairman Jerome Powell

To open long positions on EURUSD, you need:

A weak report on the reduction in the volume of industrial production in the eurozone did not allow the bulls to get above the resistance of 1.0922. As a result, volatility has remained very low, and nothing has changed from a technical point of view. Those who bought the euro on a false breakdown around the level of 1.0905 can count on a breakout and consolidation above the resistance of 1.0922. However, only after this can we talk about continuing the upward correction to the area of the highs of 1.0950 and 1.0975, where I recommend fixing the profits. In the scenario of a EUR/USD decline in the afternoon, which may occur after the speech of Fed Chairman Jerome Powell, new long positions can only be returned to the support test of 1.0894, provided a false breakdown or buy the euro to rebound from the lows of 1.0869 and 1.0840. In the meantime, the bulls have built the lower border of the ascending channel from the level of 1.0905, which in itself is a good signal for further strengthening of the euro.

To open short positions on EURUSD, you need:

Sellers waited for another weak data on the European economy, but this did not lead to a major sale of the euro. Currently, a false breakdown is formed in the resistance area of 1.0922, which keeps the probability of a downward movement of the euro in the second half of the day to the support area of 1.0894, but the bearish momentum is very weak. Only a break in the range of 1.0894 will return the bearish trend to the market, which will open the way to lows in the area of 1.0869 and 1.0840, where I recommend taking the profits. In addition to important data on industrial production, there is no more news today, so if there are no active sales during the speech of Fed Chairman Jerome Powell, it is best to postpone short positions until the resistance test of 1.0950 or sell the euro at all for a rebound only from the maximum of 1.0975.

Signals of indicators:

Moving averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates market uncertainty in the short term.

Bollinger Bands

Volatility is very low, which does not give signals to enter the market.

Description of indicators

• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - Moving Average Convergence / Divergence). Fast EMA Period 12. Slow EMA Period 26. SMA Period 9.
• Bollinger Bands (Bollinger Bands). Period 20.