EUR/USD: plan for the European session on November 7. Republicans win the US Senate elections
November 7, 2018 7:21 am
To open long positions for EURUSD, it is required:
According to the results of the midterm elections, representatives of the Republican party will retain a majority in the US Senate. Despite the expected decline in the euro, which occurred after the announcement of the results, buyers quickly returned to the market. At the moment, the main task is to break the resistance of 1.1473, which will lead to the continuation of the upward trend, with the update of new highs in the area of 1.1516 and 1.1548, where I recommend taking profit. Purchases can also be seen on a false breakout from the support level of 1.1430, in case the euro declines in the morning, or a rebound from the low of 1.1394, where the major players are concentrated.
To open short positions for EURUSD, it is required:
Sellers need to form a false breakout at the resistance level of 1.1473, and then return and consolidate below the important support level of 1.1430, which limits the downward correction. A break of 1.1430 will lead to a decrease in the EUR/USD in the area of the lower boundary of the upward channel, which almost coincides with the low of 1.1394, where I recommend taking profits on short positions. If the euro rises above the resistance of 1.1473 in the first half of the day, sales can be returned to the rebound from 1.1516 and 1.1548.
Indicator signals:
Moving averages
Trading is above the 30-day and 50-day average, indicating continued growth of the euro.
In case the euro declines, the support will be provided by the average border of the Bollinger Bands indicator, which is located in the area of 1.1430, as well as the lower border in the area of 1.1394, from which you can buy on a rebound. With the growth of the EUR/USD, the upward potential will be limited by the upper limit of the indicator in the area of 1.1473, the breakdown of which will lead to a larger upward movement.
Indicator description
Moving Average (average sliding) 50 days – yellow
Moving Average (average sliding) 30 days – green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
The material has been provided by InstaForex Company – www.instaforex.com
To open long positions for EURUSD, it is required:
According to the results of the midterm elections, representatives of the Republican party will retain a majority in the US Senate. Despite the expected decline in the euro, which occurred after the announcement of the results, buyers quickly returned to the market. At the moment, the main task is to break the resistance of 1.1473, which will lead to the continuation of the upward trend, with the update of new highs in the area of 1.1516 and 1.1548, where I recommend taking profit. Purchases can also be seen on a false breakout from the support level of 1.1430, in case the euro declines in the morning, or a rebound from the low of 1.1394, where the major players are concentrated.
To open short positions for EURUSD, it is required:
Sellers need to form a false breakout at the resistance level of 1.1473, and then return and consolidate below the important support level of 1.1430, which limits the downward correction. A break of 1.1430 will lead to a decrease in the EUR/USD in the area of the lower boundary of the upward channel, which almost coincides with the low of 1.1394, where I recommend taking profits on short positions. If the euro rises above the resistance of 1.1473 in the first half of the day, sales can be returned to the rebound from 1.1516 and 1.1548.
Indicator signals:
Moving averages
Trading is above the 30-day and 50-day average, indicating continued growth of the euro.
In case the euro declines, the support will be provided by the average border of the Bollinger Bands indicator, which is located in the area of 1.1430, as well as the lower border in the area of 1.1394, from which you can buy on a rebound. With the growth of the EUR/USD, the upward potential will be limited by the upper limit of the indicator in the area of 1.1473, the breakdown of which will lead to a larger upward movement.
Indicator description
The material has been provided by InstaForex Company – www.instaforex.com
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