09.08.201810:42 Forex Analysis & Reviews: Trading plan for the American session August 8 EUR / USD

Long-term review

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

The buyers try to keep the pair above the support level of 1.1585. However, its repeated test can lead to a new wave of sales of euro. In this case, to return to long positions is best to rebound from the support level of 1.1556. In the event of a false breakdown at 1.1585, we can expect a return of demand for the euro and a renewal of the morning resistance around 1.1623, where I recommend fixing the profits.

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

The sellers excellently worked the morning resistance level of 1.1630, which I paid attention to in my review, which led to a quick sell-out to the area of 1.1585. A repeat test of this support will be another signal to the euro sales in order to update a larger level of 1.1556, where I recommend fixing the profits. If the euro rises in the second half of the day, you can sell again for a rebound from 1.1623.

Exchange Rates 09.08.2018 analysis

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

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
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.