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09.01.201802:58 Forex Analysis & Reviews: The trading plan for the US session on January 8 is EUR/USD and GBP/USD

Long-term review
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EUR/USD

To open long positions for EURUSD, it is required:

Buyers tried to keep the morning level of 1.1980, but a big rebound from it did not happen. At the moment, it's best to return to buying the euro after the support of 1.1947 is updated or immediately towards a rebound from 1.1909. To be able to secure above the intermediate resistance of 1.2006 may also lead to a larger upward movement with a return towards 1.2044.

To open short positions for EURUSD, it is required:

While trading is under 1.2006, you can expect a continuation of the morning bearish scenario of a renewal of 1.1980 and a further exit at 1.1947. The key target will be the area of 1.1909, where it is advised to lock in profits. In the event of a growth above 1.2006, selling the EUR/USD pair would be best done at once towards a rebound from 1.2044.

Exchange Rates 09.01.2018 analysis

GBP/USD

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

It is better to consider new long positions after a return and a consolidation towards 1.3547, which will lead to the demolition of a number of stop-orders of sellers and the likely upgrade of the level of 1.3581, which was formed during the Asian session in the morning. In case the GBP/USD pair further declines, long positions can be found on the test of 1.3506 with the formation of a false breakdown or immediately on a rebound from 1.3479.

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

While the trade is below 1.3547, we can expect the GBP/USD to further decline with the first update at the target of 1.3506 and the main target for the exit at 1.3479, where I recommend that you lock in the profit. In case of growth above 1.3547, I advise that you pay attention to selling only after the test of 1.3581 or on a rebound from 1.3614.

Exchange Rates 09.01.2018 analysis

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
Miroslaw Bawulski
Analytical expert of InstaForex
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