06.05.201908:47 Forex Analysis & Reviews: EUR/USD: plan for the European session on May 6. Pressure on the euro will return after bad data on retail sales in the eurozone

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To open long positions on EURUSD you need:

The euro's rise on Friday, which was observed in the second half of the day, could end after a weak report on retail sales in the eurozone. It is best to return to long positions after a correction downwards to the support area of 1.1164, provided there is a false breakdown there, or to rebound from a larger area of 1.1138. Today, the main task of the buyers will be a breakthrough and consolidation above the resistance of 1.1217, leading EUR/USD, which is already in the area of last week's maximum, to 1.1260, where I recommend taking profits.

To open short positions on EURUSD you need:

Bears will wait for the release of the retail sales report, and an unsuccessful attempt to consolidate at 1.1217 will be a signal to open short positions in the euro in order to fall and consolidate below the support level of 1.1164, the breakdown of which will push EUR/USD to the area of a low of 1.1138, where I recommend taking profits. With the growth of the euro above the resistance of 1.1217 in the first half of the day, it is best to open short positions to rebound from a high of 1.1260.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.

Bollinger bands

The lower limit of the indicator in the region of 1.1164 will limit the downward potential of the euro. In case of growth, the upper limit of the indicator in the area of 1.1210 will act as resistance.

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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