FX.co ★ EUR/USD: plan for the European session on May 3. Weak eurozone economy continues to put pressure on the euro

To open long positions on EURUSD you need:

Yesterday afternoon, euro buyers failed to stay above support at 1.1188, which led to further downward movement. Today's goal for the first half of the day will be to return to this range, which may lead to an increase in EUR/USD in the resistance area of 1.1223, where I recommend taking profits. The focus will be on data on the number of people employed in the non-agricultural sector. A weak report will lead to a larger upward wave with an update of a high of 1.1260. In case of further decline, you can count on long positions after the formation of a false breakdown in the support area of 1.1150.

To open short positions on EURUSD you need:

An unsuccessful attempt to consolidate at 1.1188 will be another signal to open short positions in the euro with the aim of reducing and consolidating below the support level of 1.1150, the breakdown of which will push EUR/USD to the area of a low of 1.1115, where I recommend taking profits. With the euro rising above the resistance of 1.1188 in the first half of the day, it is best to open short positions to rebound from a high of 1.1223.

Indicator signals:

Moving averages

Trading is below 30 and 50 moving averages, which indicates a further downward trend in the pair.

Bollinger bands

The lower boundary of the indicator in the region of 1.1160 will limit the euro's downward potential. In case of growth, the upper limit of the indicator in the area of 1.1195 will act as resistance.

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