To open long positions on EURUSD you need:
Today, euro buyers need to return to the resistance level of 1.1386, as it failed to clutch to last Friday, which led to the formation of a new downward channel. A consolidation above 1.1386 for today will make it possible to preserve the bullish nature of the market, which will lead to the renewal of the weekly high around 1.1417, where I recommend taking profits. In case of weak data on producer prices in the eurozone, it is best to consider new long positions in EUR/USD after the formation of a false breakdown in the support area of 1.1354 or a rebound from the low of 1.1317.
To open short positions on EURUSD you need:
Friday's weak data for the eurozone and the US kept the pair in a narrow price range, but the advantage is on the side of the euro sellers. As long as trading continues below the border of 1.1386, the pressure on EUR/USD will continue. The formation of a false breakdown at this level after the release of the report on producer prices in the eurozone will be a direct signal to sell the euro in order to decline and breakdown support at 1.1354. This in turn will lead to a larger sale to the area of a low of 1.1317, where I recommend taking profits. Under the scenario that the euro increases above the resistance of 1.1386, it is best to consider new short positions for a rebound from a high of 1.1417 and 1.1459.
Indicator signals:
Moving averages
Trading near the 30-day and 50-day moving averages, which indicates market uncertainty, with a slight advantage of sellers.
Bollinger bands
A break of the lower limit of the Bollinger Bands indicator near 1.1354 could lead to a new euro sale. Growth will be limited to the upper boundary of the indicator in the area of 1.1390, where you can see sales of the euro.
Description of indicators
MA (moving average) 50 days - yellowMA (moving average) 30 days - greenMACD: fast EMA 12, slow EMA 26, SMA 9Bollinger Bands 20