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EUR/USD: plan for the European session on December 20. Fed to slow down with higher interest rates in 2019
December 20, 2018 8:24 amVideo
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To open long positions on EURUSD you need:
The Federal Reserve’s decision to raise interest rates to 2.5% in the US led to a strengthening of the US dollar in the afternoon. Today, buyers of the euro need to quickly return to the resistance level of 1.1407, the consolidation of which will lead to a new wave of growth to the high of the week at 1.1438, where I recommend to lock in the profit. The formation of a false breakout in the area of intermediate support of 1.1377 will also indicate the presence of major buyers in the market. In another scenario, it is best to open long positions from a low of 1.1350 or to rebound from a larger area of 1.1324.
To open short positions on EURUSD you need:
Bears will count on an unsuccessful consolidation above the resistance of 1.1407, which will lead to the formation of a false breakout and another wave of a major sale of the euro with an update of the low of 1.1377. The main task for the first half of the day for sellers will be a breakthrough of support of 1.1377, which will open a direct road to the area of 1.1350 and 1.1324, where I recommend to take profit. In case of growth above the level of 1.1407, it is possible to open short positions on the euro rebound from the peak of 1.1438.
Indicator signals:
Moving averages
Trading is conducted in the area of 30-day and 50-day moving averages, which may adversely affect the further upward outlook of the euro.
Bollinger Bands
In case of a further decline in EURUSD, support will be provided by the lower limit of the Bollinger Bands indicator, which is located in the area of 1.13572, from which you can see purchases immediately on the rebound. The upper limit, which is located at 1.1395, acts as a resistance.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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