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29.10.201815:28 Analytische Bewertungen Forex: EUR / USD: plan for the US session on October 29. Angela Merkel's statement put only temporary pressure on the euro

Long-term review

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

In the first half of the day, buyers coped with the support level of 1.1367, which I drew attention to in my morning forecast, and resumed purchases from it after the decline of the euro, which was due to German Chancellor Angela Merkel's statement that she would not be re-elected chairman of his party. The next target of the bulls is in the resistance area of 1.1431, where profit taking will be visible today. However, fixing above this range will allow us to count on new highs in the region of 1.1474 and 1.1516, where I recommend fixing the profits.

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

Euro sellers need to form a false breakdown at 1.1431, as it was in the first half of the day with a range of 1.1408, from which the euro quickly collapsed down to the area of 1.1367. If there is no rapid downward movement at the maximum of 1.1431, then I recommend to postpone short positions until the new resistance of 1.1474 is updated. The main task for the second half of the day will be the support test of 1.1367, which will lead to a breakthrough of this area with reaching the minimums of 1.1337 and 1.1300, where I recommend fixing the profits.

Indicator signals:

Moving Averages

Trade has moved above the 30-day and 50-day average, which indicates the continuation of the formation of the upward correction in the euro.

Bollinger bands

The upper limit of the indicator in the region of 1.1410 has limited the upside potential of the euro in the first half of the day, but a repeated test of this level will lead to a larger increase in EUR / USD.

Exchange Rates 29.10.2018 analysis

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Miroslaw Bawulski,
Analytical expert of InstaForex
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