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03.08.2017 10:50 AM
Trading plan for the European session on August 3 EUR/USD and GBP/USD

EUR / USD

To open long positions for EURUSD, you need to:

The key resistance level of 1.1899 worked yesterday. At the moment, buyers need to get above 1.1854, as only this will save the pair from further deeper correction and lead to an update of 1.1895 in the morning. A break above 1.1895, for example, on weak US data, will open new monthly highs in the area of 1.1954 and 1.2008. In case the euro declines, you can only pay attention to buying after a false breakdown of 1.1796 or immediately to a rebound from 1.1731.

To open short positions for EURUSD, you need to:

While the pair is below 1.1854, there is a possibility that the euro further declines. Forming a false breakout at 1.1854 and returning to this level will be a strong signal to raise short positions to reduce towards the 1.1796 area, consolidation under which will open new lows in the area of 1.1731 and 1.1671. In case there is growth above 1.1854 in the morning, I recommend returning to selling only on a false breakout of 1.1895, after updating the yesterday's high, or immediately on the rebound from the new resistance of 1.1954.

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GBP / USD

To open long positions for GBP USD, you need to:

For the pound, today is a very important day and the movement will depend on the fundamental data. For buyers, the first signal will be a consolidation above 1.3244, as the breach of this level may lead to the growth of GBP / USD in the area of 1.3285 and 1.3325. In case of a drop in the pound, I recommend going back to buying only after an update of 1.3171 or on a rebound from 1.3130.

To open short positions for GBP USD, you need to:

A false breakout and a return under 1.3244 would be a good signal for sellers who can expect a re-test of 1.3212. The fixing at 1.3212 will lead to a larger sale of the pound with an update of 1.3171 and 1.3130. Much will depend on the performance of Mark Carney, so the formation of a trend will directly depend on his words.

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Indicators

  • MA (average sliding) 50 days - yellow
  • MA (average sliding) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
Maxim Magdalinin
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