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EUR / USD pair: plan for the European session on October 10. The downgrade of Italy does not scare buyers
October 10, 2018 4:24 pmVideo
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To open long positions on EUR / USD pair, you need:
Updating the lows of the week and a quick return back to the side channel indicates the presence of large European currency buyers in the market. Today, we can consider new long positions after a decline and a formation of a false breakdown in the support area of 1.1483. In the event of a breakdown of this range, you can buy the euro immediately to rebound from a minimum of 1.1434. The main task of buyers will be to update the resistance of 1.1541 and fixation on it, which will lead to a larger upward impulse for the euro with a test of highs at 1.1588 and 1.1648, where taking profits are recommended.
To open short positions on EUR / USD pair, you need:
It is best to expect short positions in the euro in the morning after updating the resistance of 1.1541 with the formation of a false breakdown there. The main task will be to reduce and consolidate below the support level of 1.1483, where the 30-day and 50-day average are also located. This clearly signals to open new short positions in the euro with an update of the minimum at 1.1434, where taking profits are recommended. In case of growth above 1.1541, you can sell the EUR / USD pair immediately to rebound from a maximum of 1.1588.
Indicator signals:
Moving averages
The price returned above 30 and 50 average, but finding the average at one level indicates only the lateral nature of the market.
Bollinger bands
You can consider short positions after testing the upper limit of the Bollinger Bands indicator in the area of 1.1537, and returning to purchases is best from the lower boundary of the indicator in the 1.1440 area. While trading is conducted above the middle of the channel, the advantage remains on the side of euro buyers.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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