EUR/USD: plan for the European session on Sept 5, 2019

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To open long positions on EURUSD you need:

The good news related to Brexit provides some support for the European currency as well. Yesterday, euro buyers managed to protect the support of 1.1010, and today the whole emphasis in the first half of the day will be made on the breakout of resistance at 1.1048, which will lead to a new wave of strengthening the pair with updating highs around 1.1087 and 1.1115, where I recommend taking profits. However, given the lack of important fundamental data on the eurozone, it will be very difficult for bulls to do this. The more optimal scenario for opening long positions in EUR/USD will be the same correction and false breakdown in the support area of 1.1010, or then open long positions immediately to rebound from a low of 1.0982.

To open short positions on EURUSD you need:

Euro sellers are activated after updating resistance at 1.1048, and the formation of a false breakdown there will be the first signal to open short positions in the expectation of a return and correction to the support of 1.1010. However, a more important task, closer to the afternoon, during the release of fundamental statistics on the US labor market, will be a breakthrough and consolidation below the low of 1.1010, which will push EUR/USD to the area of large levels of 1.0982 and 1.0955, where I recommend taking profits. In the scenario of further growth above the resistance of 1.1048, it is best to count on sales on a rebound from the high of 1.1087.

Signals of indicators:

Moving averages

Trading is slightly above 30 and 50 moving averages, which indicates a possible continuation of the euro’s upward correction.

Bollinger bands

A break of the upper boundary of the indicator in the region of 1.1045 will lead to further growth of the euro, while a break of the lower boundary in the area of 1.1010 will hit the positions of buyers and push the euro down.

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 September 5. It will be difficult for euro buyers to break above the resistance

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