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To open long positions on EURUSD, you need:
The market remains on the side of buyers of the European currency, who managed to keep the pair above the support of 1.1171. The main objective is to break and consolidate above the resistance of 1.1217, which will continue the upward trend in the hope of updating the maximum in the area of 1.1263 and 1.1289, where I recommend taking the profit. However, no less important task is to keep the pair in the side range of 1.1171-1.1217, which will also indicate in favor of the continued growth of the European currency. If the pressure on the euro returns, the new long positions are best seen from the low of 1.1171, on a false breakout, or buy the euro immediately on the rebound from the larger support of 1.1143, where a new lower limit of the upward channel will be formed.
To open short positions on EURUSD, you need:
I paid attention to the intermediate support around 1.1190 and the probable rebound of the pair from this level. The bears are still in urgent need of a breakthrough low of 1.1171, as in a scenario of side-channel, the demand for the EUR/USD could quickly return. The breakout of the support of 1.1171 will increase the pressure on the pair, which will return a bearish impulse to the market and allow to update the lows of 1.1143 and 1.113, where I recommend taking the profit. If the bulls break above the resistance of 1.1217 in the second half of the day, then it is best to look for short positions on the rebound from the new high of 1.1263, or slightly higher – from the resistance of 1.1289. The lack of important fundamental statistics will continue to keep the market low volatility after the rally, which was observed earlier this week.
Indicator signals:
Moving Averages
Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market.
Bollinger Bands
In the case of the euro growth, the break of the upper limit of the indicator in the area of 1.1217 will further strengthen demand.
Description of indicators
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