FX.co ★ Trading plan for the European session on February 7 EUR / USD and GBP / USD

EUR / USD

To open long positions for EUR / USD, you need:

The opening of long positions for the euro is best with a reduction scenario to the first support level of 1.2354 with the formation of a false breakdown. In the case of a breakout of 1.2354, you can buy EUR / USD pair by a rebound from the level of 1.2316. The main goal will be the breakdown and consolidation above the level of 1.2415, which will open the direct road to the maximum in the region of 1.2470, where I recommend fixing the profits.

To open short positions for EUR / USD, you need:

The formation of a false breakout at the level of 1.2415 could lead to a downward trend in the euro in the morning in the support area of 1.2354. However, the main target for short positions will be an update to the level of 1.2316, where I recommend fixing the profit. With a growth option above the level of 1.2415, selling the euro can be on the rebound from the level of 1.2470.

GBP / USD

To open long positions for GBP / USD, you need:

Consider long positions on the pound best after the reduction and the formation of a false breakdown in the area of support 1.3909 or buy GBP / USD pair just on the rebound from 1.3855 to 1.3909 and a return to the main purpose of the output at 1.3993, which I recommend to record the profits. The break and consolidation above the level of 1.3993 could lead to a larger upward trend to test the level of 1.4064.

To open short positions for GBP / USD, you need:

An unsuccessful binding to the level of 1.3993 and a return signal level is good to increase the short positions in GBP / USD pair. The first goal will be to test and break the level of 1.3909, which will count on a further decline in the pound 1.3855 support area, which I recommend to record profits. In the case of the growth above the level of 1.3993, selling the pound can be directly on the rebound from the level of 1.4064.

Indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

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

Bollinger Bands 20