To open long positions for EUR / USD pair, you need:
To maintain the upward trend in the European currency, buyers need to stay above the support level of 1.1572. The formation of a false breakout on it will be a signal to open new long positions in order to update the resistance levels of 1.1611 and 1.1648, where taking profits are recommended. Good data on retail sales in the euro area, which will be released in the first half of the day, can also support the correction trend in the euro. In case of EUR / USD decline under the support level of 1.1572, purchases can be returned after testing the level of 1.1539 or to rebound from 1.1506.
To open short positions for EUR / USD pair, you need:
Euro sellers are required to return and consolidate below the support of 1.1572, which will lead to the formation of pressure and update a larger area of 1.1539, from which the bulls will try to build the lower limit of the upward channel. A break of 1.1539 will lead to the resumption of a downtrend with a test of 1.1506 and 1.1448 lows, where taking profits are recommended. If the euro rises in the first half of the day, you can sell on a false breakdown from the resistance level of 1.1611 or rebound from 1.1648.
The price moved above the 30-day and 50-day moving average, which indicates the formation of an upward correction. As long as trade will be conducted above average, the demand for the euro will continue.
The break of the upper border of the Bollinger Bands indicator around 1.1590 will be a signal to buy euros. In case of a decrease, the support will be provided by the middle of the bands.
Description of indicators
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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