You are here: Home > articles > Forex > EUR / USD plan for the American session on February 7. German economic news puts pressure on the euro
EUR / USD plan for the American session on February 7. German economic news puts pressure on the euro
February 7, 2019 2:24 pmVideo
Latest News
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
To open long positions on EUR / USD pair, you need:
Another weak statistics on industrial production in Germany, as well as a revision by the European Commission of their GDP growth forecasts, led to the sale of the European currency in the first half of the day. At the moment, it is best to return to long positions to rebound from support 1.1317 or from a new minimum of 1.1292. The main task of buyers for the American session will be a return to the resistance level of 1.1340, which the Bulls have missed in the morning. Only after such, you can expect a correction in the area of 1.1365 and 1.1432, where I recommend to fix the profit.
To open short positions on EUR / USD pair, you need:
The downtrend continues and sellers need to form a false breakdown after correction in the area of resistance 1.1340, which will lead to a new sale of EUR / USD to the area of minimums 1.1317 and 1.1292, where I recommend taking profits. In case of consolidation above the level of 1.1430, a number of stop-orders of sellers may be demolished, which will lead to an increase in the euro in the area of resistance 1.1365, from where it is also possible to sell the euro immediately to rebound.
More in the video forecast for February 7
Indicator signals:
Moving averages
Trade is conducted below the 30- and 50-medium moving, which indicates the continued pressure on the euro.
Bollinger bands
In the case of EUR / USD growth, the upside potential may be limited by the average Bollinger Bands indicator around 1.1360.
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
Related Posts: