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EUR / USD: plan for the European session on October 18. Fed representatives are convinced of the need to raise interest rates
October 18, 2018 3:21 pmVideo
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To open long positions on EUR / USD, you need:
The euro continued to decline after the publication of the Fed’s protocols, which explicitly stated the need for further rate increases. In the first half of the day, it is best to return to the false breakdown from the support level of 1.1482 or to rebound from a larger area of 1.1457. The main task of the bulls will be the return and consolidation above the resistance of 1.1509, which will lead to a larger upward correction in the area of 1.1539, where I recommend fixing the profit.
To open short positions on EUR / USD, you need:
The breakthrough and consolidation below the support level of 1.1482 will be another signal to sell the European currency in order to update the weekly lows around 1.1457 and 1.1434, where I recommend fixing the profits. In the case of EUR / USD growth in the first half of the day, the opening of short positions can be expected after the formation of a false breakdown in the resistance area of 1.1509 or a rebound from the maximum of 1.1539.
Indicator signals:
Moving Averages
Trade is conducted under the 30- and 50-day average, which indicates a further decline in the euro. In the case of an upward correction, the 30-day average will play the role of good resistance.
Bollinger bands
A break of the lower border of the Bollinger Bands indicator around 1.1482 will be a direct signal to open short positions in the euro. The average border is at the level of 1.1509, which will limit the upward potential in euros in case of a correction.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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