FX.co ★ Trading plan for the US session on August 29, EUR/USD and GBP/USD

EUR/USD

To open long positions for EURUSD, you need:

I advise returning to buying the euro only after a breakdown and consolidation above 1.2062, which will open a good opportunity to further strengthen the new monthly highs around 1.2123 and 1.2164, where I recommend locking in profits in the afternoon. In case of a decline towards the support of 1.2018, you can also expect buying from there, but only given that a false breakdown in that area is formed. If there is no rapid movement upwards from 1.2018, it would be better to postpone buying to a rebound from the level of 1.1975.

To open short positions for EURUSD, you need:

I do not recommend selling of the euro yet. The option of selling in the afternoon can be considered only in the event of an unsuccessful consolidation and return to the level of 1.2062, with the main goal of a decline to 1.2018. If the upward trend continues above 1.2062, then short positions should be postponed until the level of 1.2123 is updated or to a rebound from 1.2164.

GBP/USD

To open long positions for GBPUSD, you need:

When buying the pound, I advise a return to do so only after an increase and consolidation above the level of 1.2959, with the first purpose of updating 1.2986 and the main yield to a new weekly high in the area of 1.3014, where I recommend locking in profits. In case the pound declines in the afternoon, it would be best to return to a rebound from the morning support of 1.2925.

To open short positions for GBPUSD, you need:

While the trade is below 1.2959, there is a real chance for the pound to decline to the morning support of 1.2925. In case of a return to 1.2959, selling would be best seen after updating the daily high in the area of 1.2986, with the formation of a false breakdown in that level, or on a rebound from 1.3014.

Indicators

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