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To open long positions on EURUSD, you need:
Expectations that the European Central Bank will change its monetary policy this week continue to put pressure on the euro. Given the fact that no important fundamental statistics are planned to be released today, the demand for the euro is likely to remain rather weak. Buyers need to form a false breakout in the support area of 1.1205, and only under this condition it is possible to open long positions in the expectation of a return and consolidation above the middle of the side channel in the area of 1.12244 and to update the upper border in the area of 1.1281, where I recommend fixing the profit. If there is no demand for the euro at the low of 1.1205, I recommend buying EUR/USD immediately for a rebound only in the new support area of 1.1167.
To open short positions on EURUSD, you need:
Bears need a breakout of a large support level of 1.1205-1.1200, which saved the euro from a further decline over the past week. The breakout of this range will increase the pressure on the pair, which will lead to an update of new monthly lows in the area of 1.1167 and 1.138, where I recommend taking the profits. Only good news on the eurozone economy can save the euro from falling, but today they cannot be expected. A false breakout in the resistance area of 1.1244 will be an additional signal to open short positions in EUR/USD. Otherwise, you can sell on a rebound from the maximum of 1.1281.
Indicator signals:
Moving Averages
Trading is below 30 and 50 moving averages, which indicates an advantage on the part of euro sellers.
Bollinger Bands
The breakthrough of the lower limit of the indicator in the area of 1.1205 will be a signal to strengthen the bearish trend and to open new short positions.
Description of indicators
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