20.10.201709:16 Forex Analysis & Reviews: Trading plan for the European session on October 20 EUR / USD and GBP / USD

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EUR / USD

To open long positions on EURUSD, it is required:

Buying the euro is best after the return and consolidation at 1.1823 with the expectation of a recovery to yesterday's highs in the area of 1.1853. In case of further EUR / USD decline, we can also focus on the support level of 1.1801 but on the condition that false breakdowns are formed there. It is recommended to buy immediately for a rebound after updating to 1.1770.

To open short positions on EURUSD, it is required:

Sellers will try to form a false breakdown at the level of 1.1823. A return to this level will be a good signal to increase short positions with the update at 1.1801. Consolidation below 1.1801 will lead the EUR / USD pair to the area of the larger support at 1.1770, where it is recommended to lock in profits. If the euro rises in the first half of the day above 1.1823, returning to selling is best for a rebound from 1.1853.

GBP / USD

To open long positions on GBPUSD, it is required:

It is not recommended to hurry in buying the pound. Only the consolidation above 1.3136 could lead to a new wave of GBP / USD growth, aimed at the resistance level of 1.3165 and 1.3205, where it is recommended to lock in profits. The false breakdown of the support level at 1.3091 and a return to it will also be a signal to increase long positions in the pound. Buy the pound on the rebound from the monthly lows around 1.3031.

To open short positions on GBPUSD, it is required:

Sellers will try to form a false breakdown of resistance at 1.3136 with a 30-day moving average test. A return to this level will be a good signal to sell the GBP / USD for the purpose of a breakdown and consolidation below 1.3091. This will collapse the pair to monthly lows in the area of 1.3031. If the pound is higher than 1.3136, it is best to return to selling after updating to 1.3165 or to rebound from 1.3205.

Indicator description

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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