16.12.201914:22 Forex Analysis & Reviews: EUR/USD: plan for the US session on December 16. Bulls failed to return to the resistance of 1.1153 ahead of the data on the US manufacturing sector

To open long positions on EURUSD, you need:

The expected weak eurozone manufacturing sector, which continued to decline in November this year, put pressure on the euro in the first half of the day and did not allow buyers to regain the resistance of 1.1153, near which the main trade is now conducted. An important task of the bulls will be a breakthrough and consolidation above this level, which will lead to an upward correction in the area of the maximum of 1.1198, from where the euro sell-off began on Friday, where I recommend fixing the profits on long positions. Despite the weak report, the bears also failed to reach the support of 1.1111, when forming a false breakout on which I recommend opening long positions in the second half of the day. In the scenario of a breakthrough of 1.1111, after a good report on the US manufacturing sector, it is best to expect to buy from a minimum of 1.1073 or buy immediately on a rebound from 1.1041.

To open short positions on EURUSD, you need:

The sellers did everything to return the pair to the support of 1.1111, however, they failed to reach this level again in the first half of the day. Only a strong report on activity in the US manufacturing sector can return EUR/USD to this range, and its breakthrough will open a direct road to the area of the minimum of 1.1073. The more distant goal of the sellers will be the area of 1.1041, where I recommend taking the profit. In the scenario of EUR/USD growth in the second half of the day above 1.1153, where I also recommend looking at short positions when forming a false breakout, it is best to expect sales from this month's maximum in the area of 1.1198 or sell even higher from 1.1226.

Indicator signals:

Moving Averages

Trading is conducted below 30 and 50 moving averages, which do not allow the pair to resume the upward trend. Their breakthrough will lead to new purchases of the euro in the short term.

Bollinger Bands

In the case of a decline in the euro, support will be provided by the lower border of the indicator in the area of 1.1111, while growth is now restricted to the upper-level indicator in the area of 1.1147, the breakdown of which will lead to the growth of the euro.

Description of indicators

• Moving average (moving average determines the current trend by smoothing volatility and noise). Period 50. The chart is marked in yellow.
• Moving average (moving average determines the current trend by smoothing volatility and noise). Period 30. The chart is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - Convergence / Divergence of moving averages) - EMA Period 12. Slow EMA Period 26. SMA Period 9
• Bollinger Bands (Bollinger Bands). Period 20