To open long positions on EUR / USD pair, you need:
Euro buyers coped with the task of returning and fixing above the resistance level of 1.1384. This happened due to good fundamental statistics, which indicated an increase in activity in the business sphere of Germany and the eurozone. While trading is above the support of 1.1384, the demand for the euro will continue and the main goal will be to update the maximum in the area of 1.1412, where I recommend taking profits. The Breakthrough at this level will lead the euro to the maximum of the month 1.1443. In case of a decrease in EUR / USD in the afternoon, long positions can only be returned from the support level in the region of 1.1355.
To open short positions on EUR / USD pair, you need:
The bears need to return to the level of 1.1384, which will lead to the closure of a number of long positions in euros and a decrease to the support area of 1.1355, where I recommend taking profits. In the case of weak data on the producer price index in the US, which is scheduled for the second half of the day, it is best to consider short positions in EUR / USD after forming a false breakdown in the 1.1412 resistance area or rebound from the 1.1443 maximum.
Trade returned to the area of 30- and 50-day moving averages, which indicates the formation of a side channel.
In the event of a decline in the euro in the afternoon, a good support will be provided by the average Bollinger Bands indicator around 1.1365, from where you can open long positions immediately to rebound.
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.
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