EUR / USD plan for the US session on May 3. Euro buyers ignore good eurozone inflation
May 3, 2019 2:35 pm
To open long positions on EUR / USD pair, you need:
Despite good data on inflation in the eurozone in April of this year, euro buyers are in no hurry to return to the market. Currently, a large support level of 1.1150 has been reached and the report on the American labor market will most likely determine the future direction, which is released in the second half of the day. In the case of a false breakdown at the level of 1.1150, you can count on a larger increase in EUR/USD pair in the area of resistance at 1.1188 and 1.1223, where I recommend taking profits. With a scenario of good data and a further reduction in the pair, you can take a closer look at the rebound from the 1.1115 low.
To open short positions on EUR / USD pair, you need:
The bears got to the support of 1.1150 and its breakdown together with good data on the labor market will lead to a new wave of sales of the European currency with the update of the main weekly target in the area of 1.1115, where I recommend taking profits. In the case of the EUR/USD growth scenario after the release of data, short positions can return on a false breakdown in the area of 1.1188 or on a rebound from a larger maximum of 1.1223.
Indicator signals:
Moving averages
Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.
Bollinger bands
In the case of a euro company in the afternoon, the upper limit of the indicator in the area of 1.1188 will act as resistance.
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
To open long positions on EUR / USD pair, you need:
Despite good data on inflation in the eurozone in April of this year, euro buyers are in no hurry to return to the market. Currently, a large support level of 1.1150 has been reached and the report on the American labor market will most likely determine the future direction, which is released in the second half of the day. In the case of a false breakdown at the level of 1.1150, you can count on a larger increase in EUR/USD pair in the area of resistance at 1.1188 and 1.1223, where I recommend taking profits. With a scenario of good data and a further reduction in the pair, you can take a closer look at the rebound from the 1.1115 low.
To open short positions on EUR / USD pair, you need:
The bears got to the support of 1.1150 and its breakdown together with good data on the labor market will lead to a new wave of sales of the European currency with the update of the main weekly target in the area of 1.1115, where I recommend taking profits. In the case of the EUR/USD growth scenario after the release of data, short positions can return on a false breakdown in the area of 1.1188 or on a rebound from a larger maximum of 1.1223.
Indicator signals:
Moving averages
Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.
Bollinger bands
In the case of a euro company in the afternoon, the upper limit of the indicator in the area of 1.1188 will act as resistance.
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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