To open long positions on EUR / USD, you need:
Buyers of the euro were in a losing situation after the release of weak PMI indices for the eurozone countries, which led to a further decrease in the euro along with the trend. At present, it is best to return to long positions after the formation of a false breakdown around the support level of 1.1412 or to rebound from a minimum of 1.1392, where major players will show themselves. The main task will be the recovery of EUR / USD and the resistance test of 1.1448, where I recommend fixing the profits. However, only a breakdown of this level will lead to a real change in the current downtrend.
To open short positions on EUR / USD, you need:
In the second half of the day, sellers will try to break through the support of 1.1412 from the second time, which will lead to a further sale of the euro to the minimum area of 1.1392, where I recommend fixing the profits, especially if weak fundamental statistics on the American economy are released. In the case of a larger upward correction of the euro, short positions can be considered immediately to rebound from a maximum of 1.1448, above which buyers are unlikely to be able to get out today.
Indicator signals:
Moving Averages
Trade is conducted below 30-day and 50-day moving averages, which indicates that the pressure on the euro remains.
Bollinger bands
In the case of EUR / USD growth, the upside potential may be limited by the upper limit of the Bollinger Bands indicator in the area of 1.1444.
Description of indicators
- MA (moving average) 50 days - yellow
- MA (moving average) 30 days - green
- MACD: fast EMA 12, slow EMA 26, SMA 9
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