EUR/USD: plan for the European session on July 10, 2019

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To open long positions on EURUSD you need:

Weak data on Italy did not make it possible for euro buyers to resume a correction and the Fed chairman avoided interest rates, which stopped the pair’s decline. Currently, buyers will expect a false breakdown in the support area of 1.1202, and only in this scenario can you consider long positions in the euro with the main goal of a breakthrough and consolidation above the resistance of 1.1233, from which we can expect an update of a high of 1.1268 and take profits on long positions. If the bears break below the support of 1.1202, and this can happen during today’s speech by Fed Chairman Jerome Powell, then it is better to consider new purchases in EUR/USD to rebound from lows of 1.1182 and 1.1161.

To open short positions on EURUSD you need:

Today, bears will try to break through below support for 1.1202, however, it is necessary to wait for the second speech by the Fed chairman, who may voice the further fate of interest rates. The breakthrough of 1.1202 will provide pressure on EUR/USD, which will lead to a test of lows of 1.1182 and 1.1161, where I recommend taking profits. The best scenario for selling the euro in the first half of the day would be a false breakdown in the resistance area of 1.1233, but I recommend only opening short positions to rebound immediately from a high of 1.1268.

Indicator signals:

Moving averages

Trade is conducted below 30 and 50 moving averages, which indicates a further decline in the market with the trend.

Bollinger bands

Volatility is very low, which does not provide signals for entering the market.

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 July 10. Traders are waiting for Powell’s statements on interest rates, which were

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