17.01.201909:36 Forex Analysis & Reviews: EUR / USD: plan for the European session on January 17. Weak data prevent euro buyers from starting a correction

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

The euro fell yesterday amid weak eurozone data. Today, you can take a closer look at purchases when forming a false breakdown at the level of 1.1375. However, it should be borne in mind that this will be the third test of this range, which may lead to its breakdown. In this scenario, it is best to open long positions to rebound from support of 1.1343. The main task of buyers is to return to the resistance level of 1.1411, which will lead to a larger upward correction to the maximum of 1.1451 and 1.1490, where I recommend fixing the profits. Today's data on inflation in the euro zone may put pressure on the euro in the morning.

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

Sellers will manifest themselves after the formation of a false breakdown at the resistance level of 1.1411, which will increase the pressure on the euro, but the main task will be a breakthrough of support for 1.1375, which will lead to a larger sale of EUR / USD with access to the minimums of 1.1343 and 1.1312, where I recommend fixing the profit. If after a test of a minimum of 1.1375 rapid downward movement is not formed, I recommend closing short positions, since a large upward correction in euro can be formed from this level. Weak data on inflation in the eurozone may help the bears to break below the support of 1.1375.

Indicator signals:

Moving Averages

Trading remains below the 30-day and 50-day moving averages, which indicates the bearish nature of the market.

Bollinger bands

Volling Bollinger Bands is very low, which does not give signals to enter the market.

Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20