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To open long positions on EURUSD, you need:
Terrible data on the index of business sentiment in Germany and the eurozone led to the continuation of the downward trend in the EUR/USD pair, which I drew attention to in my morning review. All this suggests that the prospect of a recession in the German economy is growing exponentially, which will pull down other countries, as well as negatively affect the overall GDP of the eurozone. At the moment, the bulls can only count on the formation of a false breakdown in the support area of 1.0992, which will be the first signal for a likely correction to the resistance of 1.1063, above which it is unlikely to get out. In the scenario of a further fall in the pair on the trend, I recommend looking at purchases only after updating the lows of 1.0957 and 1.0909. However, you should not expect a rebound from these levels of more than 30-40 points.
To open short positions on EURUSD, you need:
Sellers managed to show themselves at the support level of 1.1158, the breakdown of which returned pressure on the euro. Now the bears' goal is to break the minimum of 1.0992, which will only confirm the seriousness of the current situation around the eurozone economy against the background of the spread of the coronavirus. In this scenario, the bulls will try to stop the bearish trend only at the lows of 1.0957 and 1.0909, where I recommend fixing the profits. If the pressure on the euro eases in the second half of the day after the data on retail sales in the US, then after an upward correction to sales, you can look after the formation of a false breakdown at the resistance level of 1.1063 or open short positions immediately to rebound from the maximum of 1.1158, where the moving averages are also held.
Signals of indicators:
Moving averages
Trading is conducted below 30 and 50 moving averages, which indicates a further decline in the euro on the trend.
Bollinger Bands
In the case of an upward correction, the average border of the indicator around 1.1145 will act as a resistance.
Description of indicators
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