To open long positions on EURUSD, you need:
Today, reports were published that showed a slowdown in the German economy, but buyers of the euro are not particularly confused. Bulls still need to get to the resistance level of 1.1273, which will lead EUR/USD to the highs of 1.1304 and 1.1336, where I recommend fixing the profit. However, the whole emphasis will be shifted to the report on the US labor market, which can further strengthen the position of the European currency to the highs of 1.1358 and 1.1388. In the scenario of the euro decline in the afternoon, it is best to return to the long positions in the euro on the rebound from the low of 1.1200.
To open short positions on EURUSD, you need:
Sellers ignored the weak statistics on Germany and are still standing on the sidelines, waiting for data on the US labor market. An unsuccessful breakout and a return to the level of 1.1273 will be the first signal to open short positions in the euro, the purpose of which will be the support of 1.1241 and 1.1200, where I recommend taking the profits. However, good data will strengthen the bearish sentiment in the euro, which will lead to an update of the low of 1.1163. In the scenario of further growth of EUR/USD above 1.1273, you can look at the short positions on the rebound from the resistance of 1.1336, as surely the level of 1.1304 will be broken from the third time.
Indicator signals:
Moving Averages
Trading is conducted in the area of 30 and 50 moving averages, which indicates the uncertainty of the market before important data.
Bollinger Bands
Volatility plummeted before an important report.
Description of indicators
MA (moving average) 50 days – yellowMA (moving average) 30 days – greenMACD: fast EMA 12, slow EMA 26, SMA 9Bollinger Bands 20