09.05.201909:15 Forex Analysis & Reviews: EUR/USD: plan for the European session on May 9. The market remains in a narrow side channel

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To open long positions on EURUSD you need:

Today, the main goal for buyers is to consolidate above the resistance of 1.1214, above which EUR/USD will return to the area of last week's high to 1.1260 and maintain an upward potential with a test of levels 1.1282 and 1.1301, where I recommend taking profits. In case the euro declines in the first half of the day, it is best to return to the long positions in the euro after a correction down from the support of 1.1170, provided there is a false breakdown there, or to rebound from a larger area of 1.1138.

To open short positions on EURUSD you need:

Bears will wait for an unsuccessful attempt to consolidate at the level of 1.1214, which will be a signal to open short positions in the euro in order for it to decline and consolidate below the support level of 1.1170, the breakout of which will push EUR/USD to the area of a low of 1.1138 and 1.1112, where I recommend to lock in profits. With the growth of the euro above the resistance of 1.1214 in the first half of the day, it is best to open short positions to rebound from a high of 1.1260, but the intermediate resistance can be the level of 1.1240.

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 indicator volatility is very low, which does not provide signals for entering the market.

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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