To open long positions on EURUSD you need:
Euro buyers managed to break the resistance above 1.1368 following Federal Reserve Chairman Jerome Powell's speech, who said he would not rush to raise interest rates. At the moment, bulls need to keep the level of 1.1368, and the formation of a false breakout on it will be a signal to buy in order to break through and consolidate above the resistance of 1.1393, from which the highs of 1.1432 and 1.1459 open, where I recommend to lock in profits. In case the EUR/USD declines in the first half of the day, long positions can be seen at a rebound from the middle of the past side channel of 1.1344.
To open short positions on EURUSD you need:
A return to the support level of 1.1368 may lead to a larger sale of the euro to the area of 1.1344 and to the lower border of the side channel of 1.1317, where I recommend to lock in the profit. In the event that the bulls try to maintain an upward momentum, the formation of a false breakdown at 1.1393 will be a signal to sell the euro. In another scenario, short positions can be opened for a rebound from the high of 1.1432 and 1.1459. Eurozone data in the morning can support the euro.
Trade is conducted in the region of 30-day and 50-day moving averages, which indicates market uncertainty, with a slight advantage.
The growth of the euro will be limited to the upper limit of the Bollinger Bands indicator in the region of 1.1403, while buyers can declare themselves after the lower boundary in the area of 1.1355 is updated.
Description of indicators
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.