29.08.201815:06 Forex Analysis & Reviews: Trading plan for the European session on August 29 EUR / USD

Long-term review

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

Yesterday, the buyers failed to keep the resistance level of 1.1696, and today, all attention is again concentrated on this area. Only its repeated breakthrough could lead to an upward trend in the euro in the expectation of renewing the area of 1.1721, which will open new local highs of 1.1765 and 1.1792, where I recommend fixing the profits. In the case of a decline in EUR / USD in the morning, I recommend buying only a rebound from 1.1625 and support of 1.1584.

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

Bears yesterday returned the pair to the level of 1.1696, and while the trade is below this range, the pressure on the euro will continue. The repeated test of support 1.1666 will lead to a new wave of sales of EUR / USD in the area of 1.1625 and 1.1584, where I recommend fixing the profits. In the case of growth above 1.1696 in the morning, sales can be seen on the rebound of 1.1721 or 1.1765.

Exchange Rates 29.08.2018 analysis

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 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
InstaForex Group © 2007-2021
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