To open long positions on EUR / USD pair, you need:
As I noted in my morning forecast, amid the absence of an important fundamental statistic, euro buyers are gradually returning to the market and to maintain the upward impulse, it is necessary to return and fix above the resistance of 1.1321. This will open a real prospect of euro recovery to 1.1351, where I recommend today to take profits. In case of a further decline in EUR/USD in the second half of the day, long positions can only be returned to rebound from a new low of 1.1272.
To open short positions on EUR / USD you need:
The bears managed to push through the morning support level, however, the sellers could not continue the downward impulse, which slowed down around the January 24 minimum. So far, the sharp profit taking has led to the return of EUR/USD already in the area of resistance 1.1321, on which further direction will depend today. In case of unsuccessful consolidation, the bears may try to regain the market position, which will lead to a repeated decrease and the breakdown of support at 1.1298, with an update of a minimum of 1.1272, where I recommend taking profits. If the pair grows in the second half of the day, you can take a closer look at the rebound from the maximum of 1.1351.
More in the video forecast for February 11
Indicator signals:
Moving averages
Trade is conducted in the area of 30- and 50-medium moving, which indicates the formation of the lateral nature of the market.
Bollinger bands
The volatility of the Bollinger Bands indicator falls, which does not give signals to enter the market and a breakthrough of the upper border in the area of 1.1333 could lead to a larger growth of the European currency.
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
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