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

EUR/ USD

To open long positions for EURUSD, you need to:

Buyers have expectedly failed to gain a foothold above 1.1854, which led to the formation of a false breakdown in this level.

To open short positions for EURUSD, you need to:

Sellers have accomplished 1.1854, and while the pair is below this level, you can expect to continue a downward correction to the support area of 1.1796. In case of a re-growth towards 1.1854, I recommend selling everything only on a false breakdown, or immediately at a rebound from 1.1899. Selling below 1.796 can be done only under the condition of a rapid downward movement after the release of the ADP data, with a test of 1.1796 from the bottom upwards already on the volume.

GBP/USD

To open long positions for GBP USD, you need to:

Buyers managed to get a hold of a level of 1.3220, and although the pair is higher, you can rely on continuing the upward trend with an update of 1.3265. In case of a repeat in return to the level of 1.3220 and settling below, I recommend postponing the buying of the pound to a larger support of 1.3175, or open long positions immediately to a rebound from 1.3130.

To open short positions for GBP USD, you need to:

Sellers of the pound will return to the market after a successful attempt to consolidate below 1.3220, which will lead to a larger downward trend in the second half of the day to a support area of 1.3175 and 1.3130. In case the pound continues to rise against the background of weak data from ADP, I advise you to pay attention to selling only after updating the resistance at 1.3265 or immediately to rebound from 1.3325.

Indicators

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