02.09.201916:17 Forex Analysis & Reviews: EUR / USD plan for the American session on September 2: MACD Morning Divergence helps stop the decline of euro

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To open long positions in the EUR/USD pair, you need:

In the morning forecast, I drew attention to the divergence formed on the MACD indicator and the support level of 1.0955, from which I recommended to open long positions in the euro. The purchase scenario worked out completely. While trading is above the range of 1.0955, we can expect the EUR/USD pair to return to the resistance area of 1.0982, where I recommend taking profits. Fixation above this level will lead to a larger upward correction to a maximum of 1.1010. If the bears return to the market in the afternoon, which is unlikely amid the day off and activity on the US and Canadian markets will be very low, it is best to count on new long positions after updating the minimum of 1.0927.

To open short positions in the EUR/USD pair, you need:

Euro sellers expectedly took advantage of the weak report on activity in the manufacturing sector of the eurozone and sold the euro below the support of 1.0982, which I also paid attention to in the morning. However, it was not possible to break through the first time below the minimum of 1.0955. Currently, the main task of the euro sellers is to retest this area, which is likely to lead to its breakthrough and a further downward movement of the pair in the region of lows 1.0927 and 1.0900, where I recommend taking profit. If the demand for the euro remains in the afternoon against the backdrop of a weekend in the US, it is best to count on short positions after a false breakdown in the resistance area of 1.0982 or a rebound from a maximum of 1.1010.

Signals of indicators:

Moving averages

Trading is below 30 and 50 moving averages, which indicates a bear market.

Bollinger bands

In case of growth of the euro, the upside potential of the indicator will be limited by the upper border of the indicator in the region of 1.1000.

Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: Fast EMA 12, Slow EMA 26, SMA 9

Miroslaw Bawulski
Analytical expert of InstaForex
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