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

EUR / USD

To open long positions on EURUSD, it is required:

For the next wave of euro growth, buyers need to hook up at the level of 1.1604 today. An unsuccessful breakdown of this level will be a good signal to increase long positions with the expectation of returning to 1.1644, where it is recommend to lock in profits. An output higher than this level can lead to a larger upward correction to the range of 1.1687.

To open short positions on EURUSD, it is required:

Sellers need to break below the level of 1.1604. This will lead to further movement on the lower border trend of the channel of 1.1563 with an update at 1.5121, where it is recommend to lock in profits. If the euro rises in the morning, selling is best after an unsuccessful fastening to 1.1644 or a rebound from 1.1687.

GBP / USD

To open long positions on GBPUSD, it is required:

Breaking and fastening at the level of 1.3085 could lead to a wave of buying in the British pound with an update at 1.3100 and an exit to a larger resistance of 1.3130. If the pound drops below 1.3060, it is recommended that long positions be postponed until the lower support boundary is updated at 1.3022.

To open short positions on GBPUSD, it is required:

The breakdown and consolidation under the support level of 1.3060 will lead to the sale of the pound with the main purpose of testing the level of 1.3040 and exiting at 1.3022, where it is recommend to lock in profits. If the pound is above 1.3085, it is best to postpone sales to a false breakdown of 1.3100 or a rebound from 1.3130.

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