empty
 
 
16.05.2019 09:23 AM
EUR/USD: plan for the European session on May 16. Weak data on the US economy did not allow the euro to fall even lower

To open long positions on EURUSD, you need:

The pressure on the EURUSD pair fell yesterday afternoon after weak reports on the US economy. At the moment, buyers need to return and consolidate above the resistance of 1.1215, after which we can expect a new bullish momentum in order to update the highs of 1.1242 and 1.1275, where I recommend fixing the profits. If the pressure on EURUSD continues, purchases can be returned after the formation of a false breakdown in the support area of 1.1183 or to rebound from a minimum of 1.1155.

To open short positions on EURUSD, you need:

Today's meeting of the Eurogroup may limit the demand for the European currency. The formation of a false breakdown in the resistance area of 1.1215 will be the first signal to open short positions in EURUSD, which will keep the pair in a downward price channel and return to the market sellers who are counting on a repeat support test of 1.1183. The main purpose of the bears today will be a test of a minimum of 1.1155, where I recommend fixing the profits. In the growth and consolidation above the resistance of 1.1220, it is best to open short positions on the rebound from the maximum of 1.1242.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates the likely completion of the downward trend of the euro.

Bollinger Bands

The growth of the euro will be limited by the upper limit of the indicator in the area of 1.1220, while the pressure will increase after the breakdown of the lower limit in the area of 1.1195.

This image is no longer relevant

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
Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback