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11.08.2017 09:10 AM
Trading plan for the European session on August 11 EUR / USD and GBP / USD

EUR / USD

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

At the moment, an important level for buyers is the area of 1.1770, the return and consolidation of which will allow bulls to increase long positions in the euro with the purpose of updating to 1.1816 and reaching a maximum of 1.1874. If in the first half of the day, the pressure on the euro continues then you can consider buying in the middle of the channel when forming a false breakdown of the level of 1.1745, or for a rebound from the larger support of 1.1721.

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

While the pair is below 1.1770, sellers can expect to update support to 1.1745 with an exit at 1.1721. A return to level of 1.1770 may lead to the demolition of a number of stop orders, so it is best to look for new sales in this scenario after the resistance of 1.1816 is updated or immediately to a rebound from 1.1874.

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GBP / USD

To open long positions in GBP/USD, it is required:

I recommend counting on the return of buyers in the pound only after the formation of a false breakdown at 1.2955, which will lead to the return of GBP / USD to the area of the first resistance level of 1.3004. The fastening on this area can return to the market of large buyers, which will push the pound to weekly highs in the area of 1.3046 and 1.3086, where I recommend fixing profits. In the case of a pound drop below 1.2955, it's best to go back to buying after upgrading to 1.2901 or to rebound from 1.2863.

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

I recommend selling the pound today only after forming a false breakdown at 1.3004, as it was yesterday, or immediately on a rebound from a larger resistance area of 1.3046. The breakdown and consolidation below 1.2955 may lead to an increase in short positions in the pound with a view to updating a new monthly minimum in the area of 1.2901.

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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

Summary
Urgency
Analytic
Maxim Magdalinin
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