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To open long positions on EURUSD you need:
The EU summit ended and it was not possible to obtain clear results on a long-term assistance program, including its volume, which caused the euro to fall. You can also forget about crown bonds, which creates even more uncertainty about how the eurozone will recover from the coronavirus pandemic. Buyers of the euro currently need to defend support 1.0763, which has already been tested three times recently. Forming a false breakout on it will be a signal to open long positions in the hope of recovering to an intermediate resistance of 1.0791, where the moving averages are located. We can expect a larger upward trend in EUR/USD only after breaking through this area, which will open a direct path to the highs of 1.0818 and 1.0845, where I recommend taking profits. If the pair falls along the trend, it is best to return to long positions to rebound from the major support at 1.0718, counting on an upward intraday correction of 30-40 points.
To open short positions on EURUSD you need:
Sellers have already tested support 1.0763 three times, however, a larger downward movement cannot form without its breakout. Consolidating below this level in the morning, along with weak reports from the IFO of Germany, is a signal for you to open short positions while expecting the bearish market to continue, which can lead EUR/USD to a low of 1.0718. However, the bears will continue to aim for this year's low in the area of 1.0636, where I recommend taking profit. In the event of an upward correction in the morning after the release of data on Germany, I recommend considering new short positions only after forming a false breakdown in the resistance area of 1.0791, but it is best to sell the pair immediately for a rebound only after testing a larger level of 1.0818.
Signals of indicators:
Moving averages
Trade is conducted below 30 and 50 moving averages, which indicates the bearish nature of the market, while maintaining the euro to decline further.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger bands
Growth may be limited by the upper level of the indicator at 1.0815. A break of the lower border of the indicator in the region of 1.0747 will only raise the pressure on the euro.
Description of indicators
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