17.08.201704:57 Forex Analysis & Reviews: Trading plan for the Asian session on August 17 EUR/USD and GBP/USD

Long-term review

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EUR/USD

To open long positions for EURUSD, you need:

Buying can be seen from a level of 1.1689 with the initial target for profit taking in the level of 1.1704 while the main objective at 1.1718. Due to low volatility in the market, the update of today's lows in the Asian session can also lead to a return to the resistance area of 1.1704.

To open short positions for EURUSD, you need:

Selling would be best at a rebound from the larger resistance of 1.1718, with the expectation of the EURUSD pair to re-descend towards today's lows at the end of the Asian session. In case of a larger rise in the euro, a return to selling would be best for a rebound of 1.1749.

GBP/USD

To open long positions for GBPUSD requires:

For buyers in the Asian session, the most optimal level will be at the area of 1.2844 or a formation at this level of a false breakdown with the main goal of a return towards the middle of the channel at 1.2870 as well as a further exit to the peak of the day at 1.2898. In case of a larger decline in the pound, buying the GBP/USD pair would be best from a support of 1.2817.

To open short positions for GBPUSD, you need:

I recommend selling the pound from the middle of the channel around 1.2870 or on a rebound from the peak of the day at 1.2898. The main target will be a breakdown and a consolidation below 1.2844, which will lead to a GBP/USD decline that is already in the support area of 1.2817.

Indicators

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

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