12.11.201915:13 Forex Analysis & Reviews: EUR/USD: plan for the American session on November 12th. Bears return to the market even amid good reports from the ZEW Institute

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To open long positions on EURUSD, you need:

Buyers of the European currency failed to hold the support level of 1.1025 even against the background of good reports on the mood in the business environment of the eurozone and Germany, which indicates a bearish market condition. Now, the focus has shifted to the speech of American President Donald Trump, which will be held today during the North American session, as well as statements by representatives of the Federal Reserve System. The main task of the bulls will be to return to the resistance level of 1.1025, above which the demand for the euro will return, which will lead to an update of the highs of 1.1054 and 1.1081, where I recommend taking the profits. If the pressure on EUR/USD will continue, then I recommend to look at long positions only after the update of the minimum of 1.0995 or buy immediately on the rebound from the support of 1.0965.

To open short positions on EURUSD, you need:

Sellers coped with the morning task, and after ignoring the bull's reports on sentiment in the eurozone and Germany, they returned the pair to the level of 1.1025. The main task for the second half of the day will be to hold this range, and the formation of a false breakdown there will lead to a larger decrease in EUR/USD in the area of the lows of 1.0995 and 1.0965, where I recommend taking the profits. The pressure on the euro will ease only if Donald Trump in today's speech continues to criticize the Fed for interest rates and demand further reduction. With an upward correction and the pair returning to the resistance of 1.1025, the first active short positions can be observed near the maximum of 1.1054, but larger sellers will prefer to return to the market only after the test of the maximum of 1.1081.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market with a slight advantage of sellers.

Bollinger Bands

In the case of euro growth, the upper limit of the indicator around 1.1045 will act as an intermediate resistance.

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

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