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EUR / USD pair: plan for the American session on January 7. Eurozone data helped the euro to stay at highs
January 8, 2019 12:24 amVideo
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To open long positions on EUR / USD pair, you need:
A good report on retail sales in Germany and the Eurozone supported the European currency in the first half of the day, which led to consolidation above 1.1435. While trading is conducted over this range, you can count on continued growth with an update of a maximum of 1.1475, where I recommend taking profits. The main goal for the first half of the week is to update the maximum of 1.1515. If the trade moves under the level of 1.1435, it is possible to open long positions immediately to the rebound from the large support of 1.1405.
To open short positions on EUR / USD pair, you need:
The afternoon bears need to go back below the support level of 1.1435 in the morning, which will lead to profit taking in long positions and EUR / USD decline to the support area of 1.1405, where I recommend taking profits. In the event of weak fundamental statistics on the American economy, it is best to consider selling the euro to rebound from a major resistance 1.1475.
Indicator signals:
Moving averages
Trade is conducted over 30- and 50-day averages, which indicates the preservation of the bullish nature of the market.
Bollinger bands
The break of the upper border of the Bollinger Bands indicator around 1.1446 will be a signal to buy euros. In case of a decline, the lower limit of the indicator in the area of 1.1390 will provide good support to buyers.
More in the video forecast for January 7
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
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