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To open long positions on EURUSD, you need:
From a technical point of view, nothing has changed. Data on eurozone producer prices did not please traders, and weak growth restrained the further advance of the bulls. The chance to continue the upward correction remained, however, it is best to open long positions after the formation of a false breakdown in the support area of 1.1059 or buy EUR/USD immediately on the rebound from 1.1034. A more important task for buyers will be to break and consolidate above the resistance of 1.1088, which was not possible to do in the first half of the day. Given the absence of important fundamental statistics in the second half of the day, we cannot count on active purchases. Only a break of the resistance of 1.1088 will lead to an update of the highs of 1.109 and 1.131, where I recommend taking the profits.
To open short positions on EURUSD, you need:
Bears acted more actively from the resistance level of 1.1088, which led to a small downward correction in the first half of the day, but the report on producer prices did not scare euro buyers. It is still possible to talk about the formation of divergence, which I paid attention to in the first half of the day. Therefore, the formation of a false breakdown at yesterday's high still leaves a chance for sellers to a larger decline in EUR/USD. It will be important to break the support of 1.1059, which will push the euro down to the area of the minimum of 1.1034, where buyers will try to build the lower boundary of the new upward channel. In the scenario of EUR/USD growth above the resistance of 1.1088 in the second half of the day, it is best to consider short positions after updating the maximum of 1.1109 or sell immediately on a rebound from the resistance of 1.1131.
Indicator signals:
Moving Averages
Trading is conducted above 30 and 50 moving averages, which keeps the chance for growth of the euro.
Bollinger Bands
Volatility has decreased sharply, which does not give signals to enter the market based on the indicator.
Description of indicators
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