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EUR/USD: plan for the European session on May 1. Divergence on the MACD may limit the growth of the Euro in the first half
May 1, 2019 8:22 amVideo
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To open long positions on EURUSD, you need:
The divergence that was formed on the MACD indicator may limit the further growth of the euro today in the first half of the day. Given the fact that Europe is celebrating Labor Day today, volatility will be low. It is best to consider long positions after a downward correction to the support area of 1.1200 or a rebound from a larger area of 1.1178. The entire focus will shift on the second half of the day when the Federal Reserve will issue an accompanying statement on interest rates. The main task of the bulls remains to update the highs in the area of 1.1260 and 1.1282, where I recommend fixing the profits.
To open short positions on EURUSD, you need:
An unsuccessful attempt to consolidate at the level of 1.1235 when forming a divergence on the MACD indicator will be the first signal to open short positions in the euro in order to reduce and consolidate under the middle of the channel 1.1206, the breakdown of which will push EUR/USD to the support area of 1.178, and then to a minimum of 1.1150, where I recommend fixing the profits. With the growth of the euro above the resistance of 1.1235 in the first half of the day, it is best to open short positions on the rebound from the maximum of 1.1260.
Indicator signals:
Moving Averages
Trading is conducted above 30 and 50 moving averages, which indicates that the upward correction is maintained.
Bollinger Bands
The upper limit of the indicator around 1.1230 will limit the upward potential of the euro. In case of a decrease, the lower limit of the indicator in the area of 1.1206 may provide temporary support, the breakthrough of which will lead to a larger sale.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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