To open long positions on EURUSD, you need:
Tomorrow's meeting of the European Central Bank is gradually putting pressure on buyers of the euro, which take profits because of rumors that the regulator may go for a larger reduction in rates than predicted. At the moment, it is best to consider long positions in the euro after the support update of 1.0989, which is now sought by sellers after a good report on inflation in the US. Only a false breakdown scenario at this level will lead to an upward correction of EUR/USD to the maximum area of 1.1020, where I recommend taking the profits. When breaking through the low of 1.0989, it is best to consider new long positions for a rebound from the support of 1.0955.
To open short positions on EURUSD, you need:
Sellers managed to break below the support of 1.1020, which led to the demolition of several buyers' stop orders. However, the main target is the minimum of 1.0989, the breakthrough of which will provide EUR/USD with a larger bearish impulse, which will lead to the support test of 1.0955, where I recommend taking the profit. In the scenario of an upward correction of the euro in the second half of the day, it is best to count on new short positions after the formation of a false breakdown in the resistance area of 1.1020 or sell immediately on a rebound from the maximum of 1.1053.
Signals of indicators:
Trading is below 30 and 50 moving averages, indicating a possible return to the market of sellers, however, before tomorrow's decision by the ECB, it is premature to draw such conclusions.
In the case of euro growth in the second half of the day, it is best to count on short positions when forming a false breakdown near the average border of the indicator 1.1045.
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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