20.02.201809:42 Forex Analysis & Reviews: Trading plan for the European session on February 20 EUR / USD and GBP / USD

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EUR / USD

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

It is better to consider new purchases in the euro upon the return and consolidation above the 1.2394 level, it is possible to expect for an update in the upper boundary of the side channel at 1.2419. The primary target of the buyers will be its breakthrough and an exit at 1.2458, where it is recommended to fix profits. In case of a decline in the euro this morning, you can rely on purchases after updating 1.2356 or a rebound from 1.2319.

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

While the trade is below 1.2394, the bears will maintain pressure on the euro which could lead to the renewal of yesterday's low in the area of 1.2356, with a subsequent exit at 1.2319 where it is recommended to fix profits. In case of a growth above 1.2393 in the morning, it is best to return to selling with rebound from 1.2458.

GBP / USD

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

It is better to consider new purchases of the pound after the return and consolidation above the level of 1.3988, it is possible to expect for an update the upper boundary of the side channel at 1.4033. The primary goal of the buyers will be its breakthrough and exit to 1.4082, where it is recommended to fix profits. In case of a decline in the pound during the first half of the day, you can rely on purchases after updating 1.3938 or on a rebound from 1.3890.

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

As long as the trade is below 1.3988, the pressure on the pound will be maintained which may lead to the renewal of the lows at 1.3938, with the subsequent exit at 1.3890 where it is recommended to fix profit. In the event of the GBP / USD returning to 1.3988, it is best to return to sales after forming a false breakout at 1.4033 or a rebound from 1.4082.

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

* The presented market analysis is informative and does not constitute a guide to the transaction.

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