12.10.201709:24 Forex Analysis & Reviews: Trading plan for the European session on October 12 EUR / USD and GBP / USD

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EUR / USD

To open long positions for EUR / USD, you need:

Buyers of the euro should focus their attention on the level of 1.1885, only a breakthrough that leads to the upward trend resumption with an update of already new monthly highs around 1.1932. In case of unsuccessful consolidation above 1.1885, it is recommended to cancel buying the euro to test the first intermediate support at 1.1841 or to open long positions immediately for a rebound from 1.1803.

To open short positions for EUR / USD, you need:

Sellers will try to form a false breakdown at level 1.1885, a reversal will be a good signal to increase long positions with the initial target of updating 1.1841. Breaking and consolidating below this level will lead the euro into the range of a larger support at 1.1803, by which is recommended to fix the profit. If the euro rises above 1.1885, it is much preferred to rebound from resistance at 1.1932.

GBP / USD

To open long positions for GBP / USD, you need:

Buyers of the British pound will start the activity after consolidating above the next resistance level at 1.3267. From there, you can expect monthly highs to be updated around 1.3316 with an exit to 1.3363 in the short term. In case of unsuccessful growth above 1.3267, it is better to buy the pound after updating 1.3221 or to rebound from 1.3177.

To open short positions for GBP / USD, you need:

Sellers will try to form a false breakdown of resistance at 1.3267, and a return to this level will be an additional signal to increase short positions in the pair, and could possibly reduce to the intermediate support at 1.3221. In case that the main target for today at 1.3177 area was reached, it is recommended to fix profits. In case the euro rises above the 1.3267, the best way to sell the pound is to return a rebound at 1.3316.

Indicators description

MA (average sliding) 50 days - yellow
MA (average sliding) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20

To familiarize with the basic concepts and the general rules of the TS is possible here.

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