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To open long positions on EURUSD, you need:
The sharp growth of the euro, which continued yesterday, proves only one thing: buyers are counting on a fairly rapid recovery of the US and eurozone economies, not even knowing about the real scale of its fall due to the coronavirus. This could end very badly. Yesterday's data on the state of the US labor market became a warning signal, but traders ignored them. Today, the bulls will try to stay above the support of 1.1054, where the formation of a false breakout in the first half of the day will signal the continuation of growth to the next highs in the area of 1.1145 and 1.1231, where I recommend taking profits. If the bears manage to win back the support of 1.1054, then it is best to postpone long positions in EUR/USD to the test of the low of 1.0957, or buy immediately on the rebound from the support of 1.0880.
To open short positions on EURUSD, you need:
Given that important fundamental data are not published in the first half of the day, the bears' task is to quickly regain the level of 1.1054, a decline under which will lead to the closure of a number of long positions by speculative players and the pair's fall to the support area of 1.0957. However, the long-term goal of sellers will be a low of 1.0880, where I recommend taking profits. A test of this range will also lead to a break in the lower boundary of the ascending channel, which will indicate a break in the upward trend in the pair. In case EUR/USD further grows in the first half of the day, it is best to return to long positions only after updating the high of 1.1145, or sell the pair immediately on the rebound from the next major resistance of 1.1231.
Signals of indicators:
Moving averages
Trading is conducted above 30 and 50 moving average, which indicates the continuation of the upward correction.
Bollinger bands
A break of the upper boundary of the indicator in the region of 1.1095 will lead to a new wave of growth in the euro. In the event of a decline, the pair will be supported by the lower boundary of the indicator in the 1.0957 area.
Description of indicators
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