FX.co ★ Trading plan for the European session for EUR / USD and GBP / USD pairs on August 25

EUR / USD

To open long positions for EUR/USD pair, you need:

Purchases are observed in the morning after the low level yesterday was updated as it returned to the level of 1.1788. This will lead to larger upward correction to the area of 1.1811. In the case of a breakout and consolidation below 1.1788, it is recommended to postpone buying to a larger support 1.1742. A breakout and consolidation above 1.1811 may lead to the update of the new weekly maximum in the area of 1.1835.

To open short positions for EUR/USD pair, you need:

Sellers will try to form a false breakdown at the level of 1.1811, after updating the high of yesterday. This will lead to a decline during the first half of the day towards the support area of 1.1788. In the case of larger growth, selling the euro is best after a rebound from 1.1835. Breakdown and consolidation below 1.1788 will open the possibility for the EUR / USD pair to decline towards 1.1742 support area.

All signals are valid before the speech of representatives of central banks.

GBP / USD

To open long positions for GBP/USD pair, you need:

It is best to buy the pound after the formation of a false breakout and returning to the level of 1.2794. This move aims for a recovery in the resistance range of 1.2834 where fixing profits are recommended in the morning. In the case of a larger decline under the level of 1.2794, it is best to return to buying after a rebound to test the level of 1.2760.

To open short positions for GBP/USD pair, you need:

It is recommended to sell the pound after updating and creating a false breakdown from the level of 1.2834 or after consolidating and testing the volume from the bottom up to the area of 1.2794. Hereinafter, the fall of the British pound to a new weekly low of 1.2760 is expected where fixing profits are recommended in the morning.

All signals are valid before the speech of representatives of central banks.

Fears of indicators

• MA (average sliding) 50 days - yellow
• MA (average sliding) 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 is possible here.