To open long positions on EURUSD you need:
Euro buyers are in a very difficult situation. To maintain any hope for an upward movement, it is necessary to stay above the support level of 1.1320-1.1310 and form a false breakout there, which will lead to an increase in the area of intermediate resistance of 1.1341, where the upward potential will be limited. Only a consolidation above 1.1341 will lead to the formation of a larger upward wave in the euro with an update of the high of 1.1370, where I recommend taking profits. If the data on the volume of industrial production in the euro area will come out bad, it is best to count on new purchases of the EUR/USD after updating the low of 1.1293 or a rebound from 1.1268.
To open short positions on EURUSD you need:
Bears need to break below the support of 1.1310, which has repeatedly saved buyers from a major sale. Another test can lead to a breakdown and the formation of a new downward movement in the area of lows 1.1293 and 1.1268, where I recommend to lock in the profit. In the event of a good fundamental statistics in the first half of the day, only the formation of a false breakout at the level of 1.1341 will be a signal to the sell the euro. In another scenario, you can open short positions on the rebound from the high of 1.1370.
Trading is below the 30-day and 50-day moving averages, which indicates the continuation of the downward trend. 30-day average acts as a resistance, where you can watch short positions on the euro.
The upward correction in the pair will be limited by the upper limit of the Bollinger Bands indicator in the area of 1.1378, the test of which will be a signal to sell. In case the euro declines, long positions can be seen at a rebound from the lower border, which is located in the area 1.1290.
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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