To open long positions on EURUSD, you need:
Buyers did not cope with the morning task and missed the support level of 1.1227, which left hope for the continuation of the upward correction. In the second half of the day, most likely, the bulls will try to return to 1.1227, and only after that, it will be possible to count on the second wave of growth in the area of the maximum of 1.1261, where I recommend taking the profits. If the pressure on the euro continues, which is quite likely, it is best to look at long positions from the lows of the month in the area of 1.1195, provided a false breakdown, or buy immediately on the rebound from the support of 1.1167.
To open short positions on EURUSD, you need:
Bears have coped with the task, which I talked about in more detail in the morning review, and now they will try to prevent the return of EUR/USD to the resistance level of 1.1227. This will allow continuing the downward trend, and the first goal in the afternoon will be the minimum in the area of 1.1195, the breakthrough of which will only increase the pressure on the euro and lead to an update of the support of 1.167, where I recommend taking the profit. In the scenario of EUR/USD return to the level of 1.1227, it is best to return to short positions on the rebound from the maximum of 1.1261.
Trading is conducted in the area of 30 and 50 moving averages, which indicates market uncertainty, but the advantage remains on the side of sellers.
The breakthrough of the lower limit of the indicator in the area of 1.1210 can form a new downward wave in the pair.
Description of indicators
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.