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EUR/USD: plan for the European session on January 29. The euro requires new strength to continue growth
January 29, 2019 8:23 amVideo
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To open long positions on EURUSD you need:
Yesterday, Mario Draghi once again drew attention to the uncertainty of future economic growth, which limits the upward potential of the euro. Today, it is best to consider long positions after the formation of a false breakdown in the support area of 1.1422 or to rebound from a larger level of 1.1387. The main task of the buyers will be the breakthrough and consolidation above 1.1457, but with the emerging divergence this will be extremely difficult. A break of 1.1457 will lead EUR/USD to new highs of 1.1490 and 1.1526, where I recommend taking profits.
To open short positions on EURUSD you need:
The absence of important fundamental statistics and the approaching meeting of the Federal Reserve could harm euro buyers. A failure to consolidate above the resistance of 1.1457, together with confirmation of divergence on the MACD indicator, will be the first signal to open short positions in euros in order to return and consolidate below the support level of 1.1422. Only after that can we expect a larger downward correction in the area of a minimum of 1.1387, where I recommend taking profits. In the case of growth above 1.1457, you can sell the euro to rebound from a high of 1.1490.
Indicator signals:
Moving averages
Trade is conducted above the 30-day and 50-day moving averages, which indicates that the upward trend continues, but the prerequisites for its completion are already visible.
Bollinger bands
Bollinger Bands indicator volatility is declining, which does not give signals to enter the market and is another evidence of the withdrawal of large euro buyers from the market.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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