FX.co ★ Trading plan for the European session on August 2 EUR/USD and GBP/USD

EUR/USD

To open long positions on EURUSD, it is required:

The situation in the euro, despite yesterday's data, is quite calm. Buyers can return to above 1.1830, but beyond them will be the level of 1.1854, the breakdown of which will lead to new real purchases with the main goal of output at 1.1899, where it is recommended to fix profits. Buying can also be seen after another unsuccessful attempt to gain a foothold below 1.1796, which will lead to growth in the area of 1.1854. Otherwise, returning to long positions for the euro is best in a rebound from 1.1731.

To open short positions on EURUSD, it is required:

Sellers will try to breakdown today in the area of large support of 1.1796, and consolidation under this level will be a good signal to increase short positions with the main goal of declining to 1.1731. In the case of euro growth in the first half of the day, selling can be seen after the formation of a false breakout and return under 1.1854 or open short positions immediately on the rebound from 1.1899.

GBP/USD

To open long positions on GBPUSD, it is required:

Buyers of the pound will focus on the first resistance level of 1.3220, consolidation on which will result in the formation of a larger upward wave with the purpose of rising to 1.3265 and 1.3325. If the pound declines in the morning after the release of data, buying can be seen after forming a false breakout at 1.3175 or long positions should be opened immediately at a rebound of 1.3130.

To open short positions on GBPUSD, it is required:

Sellers will rely on weak UK data, which could lead to a false breakdown of the level of 1.3220 and the decline of the pound into the support range of 1.3175. The breakdown and consolidation below 1.3175 will be an additional signal to increase short positions in order to update to 1.3130. In case of the pound's rise above 1.3220, selling can return from the level of 1.3265 or immediately to a rebound from 1.3325.

Fears indicators

• MA (moving average) 50 days - yellow
• MA (moving average) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA 9
• Bollinger Bands 20

To familiarize with the basic concepts and the general rules of my TS see here.