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To open long positions on EURUSD, you need:

The goal of updating the resistance of 1.1206 was completed at the first half of the day, and as long as the trade is conducted above the new support level of 1.1178, the demand for the euro will continue. The main task of the bulls in the afternoon will be a breakthrough of the resistance of 1.1206, which may contribute to the bad data on the US economy, which will be released soon. In this scenario, you can count on updating the maximum of 1.1237, where I recommend fixing the profits. When returning to the support of 1.1178, it is best to return to the long positions in EUR/USD to the rebound from 1.1149.

To open short positions on EURUSD, you need:

Bears are required to form a false breakdown in the resistance area of 1.1206, which will be the first signal to open short positions with the main goal of returning to the support area of 1.1178, where I recommend fixing the profits. In the EUR/USD growth scenario above the resistance of 1.1206, it is possible to open short positions immediately on the rebound from the maximum of 1.1037.

Indicator signals:

Moving Averages

Trading is conducted above 30 and 50 moving averages, which keeps the market on the side of euro buyers.

Bollinger Bands

The volatility of the indicator is low, which does not give signals to enter the market.

Exchange Rates 24.05.2019 analysis

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.

Performed by Ruben Watson,
Analytical expert
InstaForex Group © 2007-2019
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