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EUR/USD: plan for the European session on Sept 9, 2019
To open long positions on EURUSD you need:
On Friday, buyers of the euro made an attempt to continue growth amid weak data on the US labor market, but to break above the resistance of 1.1053 was not a success, as in other things, and to break below the support of 1.1020. At the moment, the focus in the first half of the day will be to break through the level of 1.1053, which will lead to an update of last week’s high in the area of 1.1082, where I recommend taking profits. A larger growth should not be expected due to the lack of important fundamental statistics. Under the scenario of a decline in EUR/USD, you can count on support in the region of 1.1020, however, opening long positions from there is best after a false breakdown, or buy the pair for a rebound from a low of 1.0989.
To open short positions on EURUSD you need:
Euro sellers are activated after an update of resistance at 1.1053, and the formation of a false breakdown there will be the first signal to open short positions while expecting a return and correction to the support of 1.1020. However, a breakthrough and consolidation below this low continues to e a more important task, which will push EUR/USD to the area of large levels 1.0989 and 1.0955, where I recommend taking profits. In the scenario of further growth above the resistance of 1.1053, it is best to count on selling on a rebound from the high of 1.1082, which kept the pair yesterday from further growth last week.
Signals of indicators:
Moving averages
Trade is conducted in the region of 30 and 50 moving averages, which indicates market uncertainty.
Bollinger bands
In case of growth, the upward trend will be stopped near the upper boundary of the indicator 1.1055, while support will be provided by the lower boundary in the 1.1015 area, a break which will increase pressure on 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
