EUR / USD
To open long positions for EUR/USD, you need:
You can rely on new purchases of the European currency only after consolidating above the resistance level at 1.1859. This will lead to the formation of a new upward wave with an update of the monthly highs around the ranges 1.1906 and 1.1945. In case that EUR/USD returned below the 1.1838 level, it is recommended to go back to long positions in the European currency only after updating support at 1.1803 or to rebound from 1.1764.
To open short positions for EUR/USD, you need:
Sellers will try to form a false breakdown at the 1.1859 level, and further consolidate below 1.1838 area. This will be a direct signal to increase short positions in support of the update at 1.1803 mark and return to a significant support level at 1.1764, where I recommend fixing profit today. If the euro rises above 1.1859, it is best to bet on sales after updating 1.1906.
GBP / USD
To open long positions for GBP/USD, you need:
Buyers of the British pound will start its activity after consolidating above the next resistance level at 1.3294. It is expected to update the monthly highs around 1.3363 with an exit to 1.3412 in the short term. In case of an idle growth above 1.3294, it is recommended to buy the pound after updating the false breakout formation to 1.3259 or to rebound from 1.3217.
To open short positions for GBP/USD, you need:
The sellers will try to form a false breakdown of resistance at 1.3294 level, and a return to this level with consolidation below 1.3259 region will be an additional signal to increase short positions in the pair with a possible downturn to the intermediate support at 1.3217 mark, upon reaching the main target for today in the 1.3172 area. This area is recommended to fix profits. If the euro rises above 1.3294 region, the best way to sell the pound is to return to the rebound from 1.3363.
Indicators description:
MA (average sliding) 50 days - yellow MA (average sliding) 30 days - green MACD: fast EMA 12, slow EMA 26, SMA 9 Bollinger Bands 20To familiarize with the basic concepts and the general rules of my TS is possible here.