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To open long positions on EURUSD you need:
Yesterday's minutes of the Federal Reserve, in which we did not see anything new, did not clarify the situation with the further direction of EUR/USD, keeping the pair in the side channel of 1.1056-1.1082. The Fed indicated an interest rate cut by the need to support a slowing economy. The market remains on the side of euro buyers, which managed to maintain the lower boundary of the channel yesterday. At the moment, the bulls need a breakthrough and consolidation above the range of 1.1082. This will return an upward trend and lead to an update of highs in the areas of 1.1109 and 1.1131, where I recommend profit taking. Only the minutes of the European Central Bank, which will be published today in the morning, can help. However, given that, as a rule, the market reaction to them is very weak, buyers will have to cope on their own. In the scenario of EUR/USD decline, purchases can again be observed only after the formation of a false breakout in the support area of 1.1056, but you can buy immediately for a rebound from a low of 1.1028.
To open short positions on EURUSD you need:
Sellers once again achieved the formation of a false breakout in the level of 1.1082 yesterday, but failed to break below the support of 1.1056, which kept the market in balance. However, while trade will be below the range of 1.1082, we can expect the euro to fall further, especially if the minutes of the European Central Bank indicate the need to further stimulate the economy. The main goal of sellers will be to consolidate below support at 1.1056, which will push the pair further to the lows of 1.1028 and 1.0994, where I recommend profit taking. It is possible to talk about the formation of a new downward trend after the breakout of support at 1.1082. If demand for the euro returns today in the morning, it is best to go back to short positions to rebound from a new high of 1.1109, or sell the euro even higher - from the level of 1.1131.
Signals of indicators:
Moving averages
Trade is conducted in the region of 30 and 50 moving average, which indicates the lateral nature of the market.
Bollinger bands
A break of the upper boundary of the indicator in the region of 1.1090 will lead to the formation of a new wave of growth in the euro. In case of decline, support will be provided by the lower boundary in the area of 1.1055.
Description of indicators
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