To open long positions on EURUSD, you need:
In the first half of the day, a report was released which indicated a decrease in producer prices in the eurozone, which is a rather bad signal for the economy, which is already gradually slipping into a recession. Against this background, the bulls failed to regain the level of 1.1075 again, which led to a decrease and an update of the support of 1.1030, on which the further movement of EUR/USD depends. Only the formation of a false breakdown at this level in the second half of the day will be a signal to open long positions. Given the fact that the release of important fundamental data is no longer planned, it is best to consider buying the euro on a rebound from the larger support of 1.0992.
To open short positions on EURUSD, you need:
Bears took advantage of the weak report on eurozone producer prices and returned EUR/USD down to the support of 1.1031. The next task is to break through this level, which can gradually lower the euro to larger weekly support of 1.0992, and even lead to an update of the minimum of 1.10955, where I recommend taking the profits. In the scenario of an unsuccessful breakdown of the area of 1.1031, due to the lack of important fundamental statistics, it is recommended to consider new short positions only for a rebound from the weekly maximum in the area of 1.1074.
Trading is just below the 30 and 50 moving averages, but so far this does not indicate a resumption of the bearish trend.
In the case of an upward correction in the second half of the day, the upper limit of the indicator around 1.1070 will act as a resistance.
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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