You are here: Home > articles > Forex > EUR/USD: plan for the European session on May 6. Pressure on the euro will return after bad data on retail sales in the eurozone
EUR/USD: plan for the European session on May 6. Pressure on the euro will return after bad data on retail sales in the eurozone
May 6, 2019 8:21 amVideo
Latest News
- Market Comment – Iranian attacks put markets on edge, but fallout limited April 15, 2024
- XM and Human Initiative Spread Hope to Flood Disaster Evacuees in Demak April 15, 2024
- Weekly Technical Outlook: 15/04/2024 – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Forex forecast 04/15/2024: EUR/USD, GBP/USD,USD/CAD, USDX and Bitcoin from Sebastian Seliga April 15, 2024
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Technical Analysis – Gold in a wait-and-see mode April 15, 2024
- UK inflation report could shift the market’s focus away from geopolitics – Preview April 15, 2024
- Gold Still Expected to Rise on Wall Street and Main Street April 15, 2024
- EUR/USD and GBP/USD: Technical analysis on April 15 April 15, 2024
- Analysis and trading tips for USD/JPY on April 15 April 15, 2024
- Analysis and trading tips for GBP/USD on April 15 April 15, 2024
- Analysis and trading tips for EUR/USD on April 15 April 15, 2024
- Hot forecast for EUR/USD on April 15, 2024 April 15, 2024
- Technical analysis of GBP/USD for April 15-20, 2024 April 15, 2024
- Technical analysis of EUR/USD for April 15-20, 2024 April 15, 2024
- Energy in Focus: What news awaits investors on Wall Street April 15, 2024
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
To open long positions on EURUSD you need:
The euro’s rise on Friday, which was observed in the second half of the day, could end after a weak report on retail sales in the eurozone. It is best to return to long positions after a correction downwards to the support area of 1.1164, provided there is a false breakdown there, or to rebound from a larger area of 1.1138. Today, the main task of the buyers will be a breakthrough and consolidation above the resistance of 1.1217, leading EUR/USD, which is already in the area of last week’s maximum, to 1.1260, where I recommend taking profits.
To open short positions on EURUSD you need:
Bears will wait for the release of the retail sales report, and an unsuccessful attempt to consolidate at 1.1217 will be a signal to open short positions in the euro in order to fall and consolidate below the support level of 1.1164, the breakdown of which will push EUR/USD to the area of a low of 1.1138, where I recommend taking profits. With the growth of the euro above the resistance of 1.1217 in the first half of the day, it is best to open short positions to rebound from a high of 1.1260.
Indicator signals:
Moving averages
Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.
Bollinger bands
The lower limit of the indicator in the region of 1.1164 will limit the downward potential of the euro. In case of growth, the upper limit of the indicator in the area of 1.1210 will act as resistance.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: