FX.co ★ EUR/USD: plan for the European session on December 14. Bulls kept the euro from falling after the speech of Mario Draghi

To open long positions on EURUSD you need:

The euro began to move down after negative forecasts for the growth rate of the eurozone economy, which were published yesterday by the European Central Bank, but buyers managed to keep the pair above key support levels. The main task for the first half of the day will be a breakthrough and consolidation above the resistance of 1.1372, which will lead to a larger upward correction in the region of the high of 1.1400 and 1.1427, where I recommend taking profits. False breakdown in the support area of 1.1349 will also be a signal to buy EUR/USD. Otherwise, it is better to open long positions around weekly lows from levels 1.1325 and 1.1306.

To open short positions on EURUSD you need:

Bears need to form a false breakdown at the level of 1.1372, which can be formed after the release of weak data on the composite PMI index of France, Germany and the eurozone. An unsuccessful consolidation above 1.1372 will be a signal to sell in order to decrease to the support area of 1.1349, a breakthrough of which will lead to a larger sale of EUR/USD to the lows of 1.1325 and 1.1306, where I recommend taking profits. In case of growth above resistance 1.1372, it is best to return to short positions on the update highs 1.1400 and 1.1427.

Indicator signals:

Moving averages

Trading moved to the area of 30-day and 50-day moving averages, which indicates the lateral nature of the market and the uncertainty of traders with a further direction.

Bollinger Bands

The upward correction in the pair will be limited by the upper limit of the Bollinger Bands indicator in the area of 1.1379, the test of which will be a sell signal. In case the euro declines, you can look at long positions on the rebound from the lower border, which is located in the area of 1.1343.

Description of indicators

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