To open long positions on EUR / USD, you need:
The euro has come a long way down this week, and today, it's best to look for long positions in the hope of a correction after the major support of 1.1337 has been updated, where profit taking on short positions may occur. The main task of the buyers of EUR / USD will be the return and consolidation above the resistance level of 1.1387, growth from which may continue after the release of a weak report on US GDP growth in the 3rd quarter of this year. In this case, we can expect the update of the resistance level of 1.1429, where I recommend fixing the profit. In the case of a decline in the euro under the level of 1.1337, you can immediately buy to rebound from the August minimum of this year in the region of 1.1300.
To open short positions on EUR / USD, you need:
Sellers need to form a false breakdown at the resistance level of 1.1387, which will be a signal to open short positions in the euro in order to update the lows of this month in the support area of 1.1337. The breakthrough of this range will also increase the pressure on the euro, which will lead to a test of August lows of this year around 1.1300, where I recommend fixing the profits. In the case of growth above the resistance level of 1.1387, after the release of a weak report on the growth of the American economy, short positions can be returned to the rebound from the level of 1.1429.
Trade is conducted under the 30- and 50-day average, which indicates the bearish nature of the market.
The upper limit of the Bollinger Bands indicator in the area of 1.1410 limits the upward potential, but the lower limit in the area of 1.1344 may prevent further downward EUR / USD.
Description of indicators
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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