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To open long positions on EURUSD, you need:
News that EU Finance Ministers were unable to reach an agreement on a joint response to COVID-19 led to a decline in the euro in the first half of the day to the major support area of 1.0825, which I drew attention to in my morning forecast. However, the bulls managed to protect this level, which keeps the pair's upward potential in the short term, as the Eurogroup will continue its dialogue tomorrow. From a technical point of view, nothing has changed, as the pair remained on the morning side channel. Bulls still need to return to the resistance of 1.0897, which will allow the pair to maintain an upward trend and lead to a repeated update of the maximum of 1.0961, where I recommend fixing the profits. In the scenario of a repeated decline of the euro to the support area of 1.0825, long positions can be returned only if a false breakout is formed there. I recommend buying EUR/USD immediately for a rebound only from the minimum of a week in the area of 1.0772, based on 40-50 correction points within a day.
To open short positions on EURUSD, you need:
Bears declared themselves after the news of the failed negotiations, however, they failed to break below the support of 1.0825. In the second half of the day, it is best to return to short positions only after the formation of a false breakout at the level of 1.0897, which will increase pressure on the euro and lead to a repeated decline to the low of 1.0825. However, only a break in this range will allow sellers to build a new downward trend that can return EUR/USD to the weekly minimum of 1.0772, where I recommend fixing the profits. In a scenario of growth of EUR/USD above the resistance of 1.0897, and this can happen only after the publication of the Federal Reserve System protocols from the last meeting, it is best to postpone sales immediately until the maximum of 1.0961 is updated, counting on a correction of 30-40 points inside the day.
Signals of indicators:
Moving averages
Trading is conducted in the area of 30 and 50 daily moving averages, which indicates market uncertainty with the future direction.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger Bands
A repeated test of the lower limit of the indicator in the area of 1.0845 may lead to a larger sale of the European currency. Growth will be limited by the upper level of the indicator around 1.0910.
Description of indicators
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