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17.08.2017 09:22 AM
Trading plan for the European session on currency pairs EUR / USD and GBP / USD for August 17

EUR / USD

To open long positions for EUR/USD, it is required:

The Fed's protocols led to the growth of the euro. At the moment, the most optimal level for purchases is in the support range of 1.1755. The update of which, with the formation of a false breakdown there, will lead to a bigger euro growth in the resistance area of 1.1789. This will allow us to count on new highs in the areas of 1.1815 and 1.1834, where I recommend fixing profits. In the case of a larger fall below 1.1755, it is best to go back to the purchases for a rebound of 1.1722.

To open short positions for EUR/USD, it is required:

Sellers will try to form a false breakout of resistance 1.1789, a return under which will be a good signal to new short positions with the expectation of a decline to 1.1755. The fastening under this level will be a good reason for sales with the purpose of updating to 1.1722, where I recommend fixing profits today. If the euro rises above 1.1789, I recommend to go back to sales only for a rebound from 1.1834.

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GBP / USD

To open long positions for GBP/USD, you need:

You can count on buying pound after upgrading the support of 1.2870. A large volume surge in this range will be a good signal to open long positions with the first goal of a return to 1.2894. The fastening at this level will lead to further growth of the pound already in the region of weekly highs of 1.2954. In the case of a break below 1.2870, it is best to go back to the purchases for a rebound from 1.2843.

To open short positions for GBP/USD, you need:

Sellers will try to gain a foothold below 1.2894, which will lead to the descent into the support area of 1.2870 and update to 1.2843. However, in my opinion, there is no need to hurry up with pound sales today. It is best to wait for the update of the large resistance of 1.2954 and 1.2985, where to sell the pound immediately for the rebound with the expectation of a return to the support area of 1.2895.

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Indicators

MA (medium sliding) 50 days - yellow

MA (middle sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2026
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