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

EUR/USD

To open long positions for EURUSD, it is required:

The consolidation above 1.1843 will be the first signal to the inclined growth of the euro in the morning with the update of 1.1871 and the main goal of reaching a larger resistance at 1.1900, where it is advised to lock in the profit. In the event of a decline in the EUR/USD pair, consider long positions after a false breakdown of 1.1816 or on a rebound from a larger support level of 1.1774.

To open short positions for EURUSD, it is required:

The formation of a false breakout and a return below 1.1843 will be the first signal for the continuation of a downward trend in the euro, with the target of a breakdown and consolidation below 1.1816, which will provide sellers with strength and may collapse the EUR/USD pair towards the larger support area of 1.1774, where it is advised to lock in profits. In the event of a growth in the euro during the morning, a return to selling would be best done after updating 1.1871 or on a rebound from 1.1900.

GBP/USD

To open long positions for GBP/USD, it is required:

A break and consolidation above 1.3444 will be the first signal to the pound's growth towards the area of 1.3480, with the main purpose of updating 1.3521, where it is advised to lock in the profit. The formation of a false breakout at 1.3407 will also allow you to count on long positions in the pound. In the event of a break below 1.3407, I recommend that you postpone buying until the test is at 1.3356.

To open short positions for GBP/USD, it is required:

The formation of a false breakout at 1.3444 or the consolidation below 1.3407 is a good signal for the opening of short positions on the pound, with an outlook of a further decline towards the area of 1.3356, where it is advised to lock in profits for today. In the event of a growth in the pound during the morning, you can consider short positions after updating 1.3480 or on a rebound from 1.3521.

Indicator description

• Moving Average (average sliding) 50 days - yellow
• Moving Average (average sliding) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA 9
• Bollinger Bands 20