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To open long positions on EURUSD, you need:
In the first half of the day, euro buyers held the pair before the release of important statistics on the US economy. Further movement of the euro will directly depend on it. While trading will be conducted above the range of 1.1215, one can count on the EUR/USD growth in the area of last week's maximum to 1.1260, which will maintain the upward potential with the test levels of 1.1282 and 1.1301, where I recommend fixing the profits. In the case of the euro decline in the afternoon, after a good report on inflation in the US, long positions are best returned to the rebound from a low of 1.1170, or after updating the larger support of 1.1138, where the bears will take profits.
To open short positions on EURUSD, you need:
Bears need to return to the level of 1.1214, which will signal the opening of short positions in the euro in order to reduce to the support of 1.1170, where I recommend fixing the profits. However, the whole emphasis of sellers will be shifted to the data on inflation in the US, which may derail EUR/USD in the area of the lows of 1.1138 and 1.1112. In the scenario of further growth of the euro, it is best to open short positions on the rebound from the maximum of 1.1260, or even higher – in the area of 1.1300.
Indicator signals:
Moving Averages
Trading is conducted above 30 and 50 moving averages, which indicates the continuation of the upward trend in the euro.
Bollinger Bands
In case of a decrease, the lower limit of the indicator in the area of 1.1214 may provide temporary support.
Description of indicators
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