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EUR/USD: plan for the European session on December 11. The situation with Brexit puts pressure on the euro
December 11, 2018 8:21 amVideo
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To open long positions on EURUSD you need:
The euro declined after a failed attempt of growth yesterday in the first half of the day. At the moment, buyers can only rely on the formation of a false breakout in the support area of 1.1355 and on good data from the ZEW Research Institute in Germany and the eurozone, which will lead to the growth of the euro and the renewal of the resistance of 1.1384. The main task will be to break this range with the output above the moving averages and the test of a high of 1.1412, where I recommend to take profit. In the case the euro declines in the first half of the day below the level of 1.1355, you can open long positions from the lower border of the side channel of 1.1324.
To open short positions on EURUSD you need:
Bears need to stay below the resistance of 1.1384, and the formation of a false breakout on it will be a good signal to open short positions in order to decrease to the area of intermediate support of 1.1355, the first test of which will necessarily lead to a rebound of the euro upwards. It is best to sell from this level when you decline again with the main purpose of the breakdown and fall in the area of the low of 1.1324, where I recommend to lock in the profit. In case the EUR/USD grows above the resistance of 1.1384, you can look at the short positions on the rebound from the high of 1.1412.
Indicator signals:
Moving averages
Trade has moved under the 30-day and 50-day moving averages, which indicates the next side channel. In case of an upward correction, the moving average will act as resistances.
Bollinger bands
The upward correction in the pair will be limited to the upper border of the Bollinger Bands indicator in the area of 1.1412, the test of which will be a signal to sell. In the event of a decline in the euro, long positions can be seen at a rebound from the lower border, which is located in the area of 1.1329.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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