24.08.201800:55 Forex Analysis & Reviews: Trading plan for the US session on August 23 EUR/USD

Long-term review

To open long positions for EURUSD, it is required:

Buyers are trying to return to the market, and while they do it. Trade is conducted above the range of 1.1579, which keeps further upside potential with a purpose of updating the weekly high at 1.1617 and further access to reach the resistance level of 1.1653, where I recommend to take profit. In case of a return to the level of 1.1579, it is best to return to purchases on a false breakdown from 1.1538 or on a rebound from 1.1493.

To open short positions for EURUSD, it is required:

Only a return to the support level of 1.1579 in the second half of the day will be a signal to sell the euro in order to update the daily low in the area of 1.1538, and then a decrease in the support area of 1.1493, where I recommend to lock in the profit. In case of further growth of the EUR/USD pair, you can sell on a false breakout from 1.1617 or on a rebound from 1.1653.

Exchange Rates 24.08.2018 analysis

Indicator description

  • Moving Average (average sliding) 50 days - yellow
  • Moving Average (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
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