FX.co ★ Trading plan for the European session on October 6 EUR / USD and GBP / USD

EUR / USD

To open long positions on EURUSD, it is required:

Today, it is important for buyers to keep the level of 1.1692. The formation of a false breakdown can lead to an upward correction for the euro in the morning, with a return to the area of 1.1729 and a further result to 1.1773 in case of weak data on the US labor market. In case of a decline to the level of 1.1692, it is recommended to buy the euro only after updating to 1.1666 or on a rebound from 1.1631.

To open short positions on EURUSD, it is required:

Sellers will try to gain a foothold below the significant level of support at 1.1691, which opens a good opportunity to further reduce EURUSD in the area of 1.1666 with a result to 1.1631 in the morning. In the event of a false breakdown of 1.1692, selling is best done after the update to 1.1729, or on a rebound from the large resistance of 1.1773, where there will also be a lock on of profits on long positions in euros.

GBP / USD

To open long positions on GBPUSD, it is required:

To buy a pound, it is best to return after updating the new weekly lows around 1.3034 or on a rebound from the large support of 1.2996. The corrective growth scenario will also be probable after consolidation above the resistance level of 1.3093, which will open the opportunity to strengthen the GBP / USD to the larger levels of 1.3135 and 1.3192, where it is recommended to lock in profits.

To open short positions on GBPUSD, it is required:

While the trade is below 1.3093, we can expect further pound decline in the trend to the support area of 1.3034 with the update to 1.2996. There will be a larger profit taking on short positions here. If the pound is above 1.3093, sales are best returned to rebound from the resistance level of 1.3135. In case of weak US data, it is best to post short positions to a larger resistance at 1.3192.

Indicator description

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20