29.07.201908:37 Forex Analysis & Reviews: EUR/USD: plan for the European session on July 29. US GDP data supported the demand for the US dollar

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To open long positions on EURUSD you need:

The Friday report on US GDP growth returned the demand for the US dollar, which continued to strengthen against the euro. However, despite the bears' attempt to resume the downward trend, trade remained in the side channel with only a small margin on the sellers side. Today, during the first half of the day, buyers need another false breakdown in the resistance area of 1.1120, which will be the first signal to open long positions in order to return and update the intermediate level of 1.1151, where I recommend to take profits. The main goal of the bulls will be the test of the upper limit of the wide side channel of 1.1183, which was formed last week following the ECB's decision. If the pressure on EUR/USD continues further, it is better to consider new long positions for a rebound from the next annual low around 1.1095 or for a rebound from the support of 1.1068.

To open short positions on EURUSD you need:

Bears will count on a breakthrough in support of 1.1122, which they failed to do last Friday amid conflicting data on the growth of the US economy. Compared to the previous quarter, the US GDP showed a weaker growth, but turned out to be better than economists' forecasts. Consolidating below 1.1122 will give a new impetus to the downward trend, which will lead to new lows around 1.1095 and 1.1068, where I recommend taking profits. The formation of a false breakdown in the resistance area of 1.1151 in the first half of the day will also be a signal to open short positions in EUR/USD. Given the fact that important data does not come out today, trade may remain in a narrow side channel 1.1120-1.1151. If the euro rises above a resistance of 1.1151, it is best to return to short positions on a rebound from a high of 1.1183 or from a larger area of 1.1210.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates market uncertainty with a slight advantage for the sellers.

Bollinger bands

Volatility has fallen, which does not provide signals for entering the market.

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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