FX.co ★ Trading plan for the European session on February 28 EUR / USD

EUR / USD

To open long positions for EURUSD, you need:

The buyers still have hope for the level of support at 1.2208 and in a worst case scenario, you can look for long positions after updating and forming a false breakdown at the level of 1.2176 along with good data on inflation in the euro area. A break and a consolidation above the level of 1.2256 will signal a rise in long positions in return for EUR / USD going to the resistance area of 1.2297, where it is recommended to lock in profits.

To open short positions for EURUSD, you need:

The formation of a false breakout at 1.2256 will be the first signal for short positions in the euro with the main goal of reducing and consolidating under the important support level of 1.2208. The breakthrough at this level, in a place with poor inflation data in the eurozone, will lead to larger sales with an update to 1.2176 and an output of 1.2126, where it is recommended to lock in profits. In case of growth above the level of 1.2256, it is best to sell the EUR / USD on a rebound from 1.2297.

Indicator description:

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

Bollinger Bands 20