EUR/USD: plan for the European session on February 12. An important moment for buyers of the euro

To open long positions on EURUSD you need:

Yesterday, another fall at the beginning of the week was quite expected, but now there is a real hope for buyers of the euro to form an upward correction. Long positions can be seen after updating the previous day’s low in the support area of 1.1264, but under the condition that a divergence is forming on the MACD indicator. The main task of sellers will be to return to the resistance level of 1.1299, above which the demand for EUR/USD will increase, which will lead to an update of the high of 1.1321 and 1.1350, where I recommend taking profits. If there is no demand in the support area of 1.1264, I recommend returning to long positions only after updating lows 1.1243 and 1.1223.

To open short positions on EURUSD you need:

The best scenario for bears today will be the euro rise in the first half of the day to the resistance area of 1.1299, and the formation of a false breakdown at this level will be the first signal to open new short positions in order to break through yesterday’s low at around 1.1264 and update support at 1.1243, where I recommend to take profit. In case of an unsuccessful breakout of 1.1264 low, it is best to look at short positions after an upward correction to rebound from the highs of 1.1321 and 1.1350.

Indicator signals:

Moving averages

Trading is below the 30-day and 50-day moving averages, indicating the bearish nature of the market.

Bollinger Bands

In case of an upward correction, the upper limit of the Bollinger Bands indicator in the area of 1.1315 will be a good level for opening short positions in the euro.

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

The material has been provided by InstaForex Company – www.instaforex.com

Source:: EUR/USD: plan for the European session on February 12. An important moment for buyers of the euro

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