FX.co ★ Trading plan for the European session on December 5 EUR / USD and GBP / USD

EUR / USD

To open long positions on EURUSD, it is required:

The formation of a false breakout in the support level of 1.1849 or a consolidation at the resistance level of 1.1876 will be good signals to increase long positions on the euro with the main goal of reaching the level of 1.1900 and updating to the level of 1.1932, where it is recommended to lock in profits. In case of a decline in the euro in the morning, opening new long positions is recommended at the level 1.1830, or buying immediately on a rebound from 1.1796.

To open short positions on EURUSD, it is required:

The formation of a false breakout and a return under the level of 1.1876 will be the first signal to continue the downward trend in the euro with the purpose of updating to 1.1849 and 1.1830, where it is recommended to lock in profits. In the absence of demand at the level of 1.1830 and securing below this range, it is possible to increase short positions in euros at the test level of 1.1796.

GBP / USD

To open long positions on GBPUSD, it is required:

It is better to consider opening new long positions on the pound after fastening above the level of 1.3478 or after forming a false breakout at the level of 1.3425. The main target of the buyers will be a return to resistance at the level of 1.3521. The breakdown of this level will lead to new monthly highs around 1.3562 and 1.3590. In case of a drop in the pound in the first half of the day, you can open long positions at once to rebound from 1.3377.

To open short positions on GBPUSD, it is required:

While the trade is below 1.3478, we can expect the pound to fall to the lower border of the channel at 1.3425. Consolidation under this level will lead to the area of new weekly lows at 1.3377 and 1.3338, where it is recommended to lock in profits. In case of growth above 1.3478, it is best to pay attention to sales after updating to 1.3521 or on a rebound from 1.3562 - 1.3590.

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