FX.co ★ Trading plan for the European session on August 9 EUR / USD and GBP / USD

EUR/USD

To open long positions on EURUSD, it is required:

The situation is rather unstable. It is recommended to go back to selling the euro only after steadying at 1.1768 for the purpose of rising to 1.1811, or after forming a false breakout and returning to the level of 1.1725, from which it will be possible to expect a minimum growth to 1.1768. In the case of the euro falling below 1.1725, consider long positions as the best choice for a rebound from the larger support of 1.1671.

To open short positions on EURUSD, it is required:

Sellers will try to gain a foothold below the level of 1.1725, which will lead to the continuation of the downward trend already in the area of 1.1671 and 1.1624. More optimal selling can be seen after the formation of false breakdown to 1.1768 with a return to this level and the first goal of the decline to 1.1725. In case of euro rising in the first half of the day above 1.1768, it is recommended to return to short positions only for a rebound from 1.1811.

GBP/USD

To open long positions on GBPUSD, it is required:

Buy the pound only after consolidating above 1.3025 with the first target of 1.3051, where there will be a larger profit-taking and downward correction. The subsequent test already on the level of 1.3025 from top to bottom on the volume will be an additional signal to increase long positions in the pound with a breakdown at 1.3051 and an exit to 1.3086. In case the pound declines in the morning, it is recommended that one return to selling only after updating 1.2985.

To open short positions on GBPUSD, it is required:

Sellers will try to form a false breakdown at 1.3025, or in case of a larger pound growth, from the level of 1.3051, which will lead to a larger downward correction to the support area of 1.2985, where it is recommended to fix profits. If the demand for the pound remains above 1.3025, then it is recommended to return to rebound sales only after updating to 1.3086.

Fears of 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