FX.co ★ Trading plan for the European session of EUR / USD pair on May 7

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

Euro buyers need to maintain the support level of 1.1927 to break the downward trend. The formation of a false breakdown will be a good signal to buy, with a return and consolidation above resistance of 1.1975, which will update the upper border of the channel 1.2019, where fixing profits are recommended. In the case of a breakout at the level of 1.1927, you can buy the euro on a rebound from 1.1866.

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

A repeat support test of 1.1927 could lead to further sales of euro with the update of support 1.1866 and 1.1830, where fixing profits are recommended. In case of unsuccessful fastening at the resistance level of 1.1975, you can also look at short positions in euro. Otherwise, you can sell for a rebound from 1.2019.

Description of 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