08.02.201802:07 Forex Analysis & Reviews: Trading plan for the US session on February 7 EUR / USD and GBP / USD

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EUR / USD

To open long positions on EURUSD, it is required:

Opening new long positions is best after a false breakout occurs in the area of 1.2316 and returns to this level in the second half of the day or after returning and consolidating above the level of 1.2354. From this level, it will be possible to count on the repeated test of the morning resistance level of 1.2402, where it is recommended to lock in profits. In case of a break below the level of 1.2316, you can buy the EUR / USD in the support range of 1.2278 and 1.2227.

To open short positions on EURUSD, it is required:

While the trade is below 1.2354, we can expect further decline in the euro in order to update the level of 1.2316. The main goal is entering the new weekly low in the area 1.2278, where it is recommended to lock in profits. In case of growth above 1.2354, selling the euro is best at a rebound from 1.2402

GBP / USD

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

It is recommended to make new purchases of the pound only after the formation of a false breakdown in the area of support at 1.3855 or it is best to wait for the update to 1.3805 and buy the GBP / USD pair from there and then immediately rebound. The main goal of the buyers will be the return and consolidation above the level of 1.3909, which will lead to an increase in demand for the pound and the renewal of the morning resistance of 1.3993.

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

While the trade is below 1.3909, we can expect a further decline in the GBP / USD pair to the area of the larger support level of 1.3855 with a very likely update to 1.3805, where it is recommended to lock in profits. In case of a return to 1.3909 in the afternoon, you can immediately open a new short position to rebound from the resistance level of 1.3993.

Indicator description

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

Bollinger Bands 20

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