Trading plan for the European session on August 28 EUR/USD and GBP/USD

EUR/USD

To open long positions for EURUSD, you need:

I advise you to consider buying the euro only after returning and consolidating above the peak of last Friday at 1.1938. This will open a new opportunity for further growth in the euro with the purpose of updating 1.1971 and 1.2008, where I recommend locking in profits. In case the euro declines in the morning, returning to buying would be best after the formation of a false breakdown at 1.1904, or a rebound from 1.1870.

To open short positions for EURUSD, you need:

Sellers will try to form a false breakdown at a level of 1.1938, and a return to it will be the first signal for the opening of short positions in the euro with an outlook of a decline to 1.1904 and 1.1870. If the upward trend continues above 1.1938, it would be better to return to selling after forming a false breakdown at 1.1971, or to rebound from the new monthly high of 1.2008.

GBP/USD

To open long positions for GBPUSD, you need:

I recommend buying the pound after a successful attempt to go beyond the upper border of the channel at 1.2905. Securing at this level will allow for an increase in long positions with the purpose of updating 1.2954 and 1.2986, where I recommend locking in profit. In case the pound declines in the morning, it would be best to return to a bounce on support from 1.2855, with a small stop below, or after updating a larger area at 1.2815.

To open short positions for GBPUSD, you need:

Sellers will try to prevent the release above the upper border of the channel at 1.2905, and a return to this level after its renewal will serve as a good signal for the opening of short positions on the British pound in order to decline to the support area of 1.2855, where I recommend that profit should be locked in for today. If the upward trend continues above 1.2905, it would be best to return to selling after updating the resistance of 1.2954.

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