20.02.2019 09:32 AM
EUR / USD plan for the European session on February 20. Euro needs good data to keep growing

To open long positions on EUR / USD pair, you need:

Yesterday's consumer sentiment data did not help the euro much, however, it can be seen that the upward momentum remains. Today, a breakdown and consolidation above the resistance of 1.1355 are required in the first half of the day, which will lead to a larger upward correction already in the area of maximum at 1.1394 and 1.1432, where I recommend taking profits. In the case of the EUR / USD decline, long positions can be opened on the condition that a false breakdown is formed in the support area of 1.1319, where the moving average is concentrated. Also, we can try on a rebound from the minimum of 1.1279, where the lower limit of the upward price channel is seen.

To open short positions on EUR / USD pair, you need:

Euro sellers will count on the formation of a false breakdown in the area of resistance 1.1355, which will lead to a downward correction of the pair to the support area of 1.1319, where I recommend fixing the profit. In case of consolidation below this level, the pressure on EUR/USD pair may increase significantly, which will return the pair to the region of the lower border of the ascending channel and will lead to an update of the 1.1279 minimum. In case of a further upward correction and a break of 1.1355, the euro can be sold for a rebound from a maximum of 11394.

Found in the video review.

Indicator signals:

Moving averages

Trade is conducted above the 30- and 50-day moving averages, which indicates the formation of an upward market correction.

Bollinger bands

In case of growth, the upper limit of the Bollinger Bands indicator around 1.1369 will limit the upward potential of the euro. If the euro goes down, support will be provided by the lower limit of the indicator in the area of 1.1305.

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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

Miroslaw Bawulski,
Analytical expert of InstaForex
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