23.10.201908:16 Forex Analysis & Reviews: EUR/USD: plan for the European session on October 23. The emphasis is shifted to tomorrow's decision of the European Central Bank and the support level of 1.1116

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To open long positions on EURUSD you need:

The euro declined in anticipation of tomorrow's decision by the European Central Bank, which could again signal a penchant for easing monetary policy. At the moment, the bulls are trying to maintain the level of 1.1116, however, it is best to open long positions from it after the formation of a false breakout. A more correct decision on purchases would be to update the level of 1.1090. The main task of the bulls in the first half of the day will be the resistance test at 1.1147, as well as consolidating on it, which will resume demand for EUR/USD and lead to a weekly high of 1.1178, where I recommend profit taking. However, without good Brexit news, it will be almost impossible to do this, since important fundamental statistics are not planned to be released in the morning, which will maintain low volatility.

To open short positions on EURUSD you need:

Pressure on the euro will continue as long as trading is below the resistance of 1.1147. The formation of a false breakout in this range in the first half of the day will be a direct signal to open short positions with the main goal of breaking through and consolidating below the support of 1.1116. If the bears manage to break below this range, most likely the demolition of a number of bull stop orders will bring EUR/USD to a new support of 1.1090, where I recommend profit taking. In a growth scenario above the resistance of 1.1147, which can be realized only in case of good news over the Brexit deal, it is best to return to short positions only after updating the weekly high near 1.1178, or immediately to rebound from the resistance of 1.1226.

Signals of indicators:

Moving averages

Trading is conducted below 30 and 50 moving average, which indicates a further downward correction in the pair.

Bollinger bands

If the euro rises in the first half of the day, the upper boundary of the indicator in the area of 1.1147 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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