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To open long positions on EURUSD you need:
Yesterday's news on the industrial production of the eurozone was another evidence of serious problems in the economy, which did not allow buyers to go above the resistance of 1.0922, and if there is no one willing to buy, then there are those willing to sell. At the moment, the bulls are trying to keep the pair above 1.0867, but this level is quite thin and can be broken in case of weak inflation data in Germany. In this scenario, you can count on long positions only after a false breakout in the region of 1.0867, or buy EUR/USD after a test of the lows of 1.0840 and 1.0804. However, much will depend on inflation data in the United States, the release of which is scheduled for the afternoon. With the euro growing in the morning, an important task for the bulls will be to break through and consolidate above the level of 1.0894, which will allow us to expect a return to a high of 1.0922, where I recommend taking profits.
To open short positions on EURUSD you need:
Bears waited for their sell signals yesterday, and a false breakout of the level of 1.0922 and weak data on the eurozone returned the downward momentum. At the moment, bears will have to work on the breakout of support of 1.0867, which stopped the euro's fall yesterday. A breakthrough of this level can occur after the release of weak data on inflation in Germany, which will open a direct path to new annual lows in the areas of 1.0840 and 1.0804, where I recommend taking profits. If actions from the bears are not visible in the morning, then you can consider new short positions after a correction and the formation of a false breakout at the level of 1.0894, but I recommend selling EUR/USD immediately for a rebound after a test of a high of 1.0922.
Signals of indicators:
Moving averages
Trading is conducted below 30 and 50 moving average, which indicates a continuation of the bearish trend.
Bollinger bands
In case the euro declines further, support will be provided by the lower boundary of the indicator at 1.0850. Growth will be limited by the upper level of the indicator in the area of 1.0920.
Description of indicators
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