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To open long positions on EURUSD you need:
Yesterday's weak US data did not prevent the US dollar from further strengthening, which led to an update of monthly lows. At the moment, euro buyers need to return to the resistance level of 1.1212, where a new upward trend may start with a test of the upper limit of the side channel at 1.1244, where I recommend taking profits. With a weak report on producer prices in the eurozone, which is expected to be released in the first half of the day, it is best to look closely at long positions in EUR/USD after updating the lows of 1.1176 and 1.1149.
To open short positions on EURUSD you need:
As long as trade continues below the resistance of 1.1212, pressure on the euro will continue, and forming a false breakdown at this level will be a good signal for opening short positions. The main purpose of the bears today will be the lows in the area of 1.1176 and 1.1149, where I recommend taking profits. With the scenario of returning EUR/USD back to the side channel of 1.1212-1.1244, it is best to return to short positions from its upper limit or sell for a rebound from a high of 1.1269.
Indicator signals:
Moving averages
Trade is conducted below the 30-day and 50-day moving averages, which indicates a slight advantage for euro sellers.
Bollinger bands
The upper limit of the Bollinger Bands indicator in the area of 1.1232 will limit the first upward momentum in the euro. The breakthrough of the lower boundary in the area of 1.1190 will lead to forming a new wave of selling.
Description of indicators
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