FX.co ★ Trading plan for the European session on February 9 EUR / USD and GBP / USD

EUR / USD

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

Today, the situation on the euro will be very difficult, as the market will be set up to collect stops. Purchases are best viewed either on a false breakout from the level of 1.2243, or after consolidating above the intermediate resistance of 1.2270 with the main goal of reaching a high of 1.2301, where I recommend fixing the profits. If the euro falls below the level of 1.2243 in the first half of the day, I recommend to pay attention to long positions after updating the support to 1.2213.

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

The formation of a false breakout at the level of 1.2270 could lead to the continuation of the downward trend for the euro in the morning in the support area of 1.2243, consolidation below which would push EUR / USD pair further down to the 1.2213 area, where I recommend fixing the profit. With a growth option above the level of 1.2270, you can sell the euro on a rebound from the level of 1.2301.

GBP / USD

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

The break and consolidation above the level 1.3953 will allow us to count on the continued growth of the British pound in the resistance area of 1.4002 and 1.4062, where I recommend fixing the profits. If the pound is reduced in the morning to the 1.3896 support area, it is best to look for long positions there only after a false breakdown. Alternatively, you can buy a pound immediately to rebound from the level of 1.3845.

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

Failure to fix to 1.3953 and return to this level will be the first signal to increase short positions in GBP / USD pair with a view to reducing to 1.3896 area. The breakthrough of this range will lead to larger sales of the pound with an exit at 1.3845, where I recommend fixing the profits. If the pound is above the level of 1.3953, you can open short positions if the breakdown is at 1.4002, or immediately at a rebound of 1.4062.

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