To open long positions on EURUSD, you need:
The bulls failed to hold the level of 1.0830 in the first half of the day after reports indicating a faster deterioration in business sentiment in Germany and the eurozone. Now there is no news that allows you to expect even a small upward correction in the pair. Most likely, the bulls will show activity in the support area of 1.0804. However, a more suitable target for opening long positions is still a minimum of 1.0773. I recommend making purchases from 1.0804 only if a false breakdown is formed. It is not an unimportant task for the bulls to return to the resistance of 1.0830, since only after this can we expect an upward correction to the area of the highs of 1.0860 and 1.0886, where I recommend fixing the profits. Given that important fundamental statistics are not published in the second half of the day, it is likely that the pressure on the euro will continue.
To open short positions on EURUSD, you need:
Bears continue to bend their line, and weak fundamental data on the state of the European economy helps them in this. Having achieved a return under the support of 1.0830 in the first half of the day, sellers without the slightest doubt continued to push the euro on the trend. The next target is a minimum of 1.0804, which is unlikely to stop the bears. A further task is to test the support range of 1.0773, where I recommend fixing the profits. In the scenario of an upward correction, which is unlikely to be possible without good data, short positions can be considered if a false breakdown is formed in the resistance area of 1.0830 and it is best to open short positions immediately for a rebound from the maximum of 1.0860.
Signals of indicators:
Trading is conducted below the 30 and 50 moving averages, which indicates a further bearish trend in the euro.
In the case of an upward correction in the second half of the day, the upper limit of the indicator around 1.0840 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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