FX.co ★ EUR/USD: plan for the American session on May 8. Calm continues

To open long positions on EURUSD, you need:

The situation has not changed at all, despite the speech of the President of the European Central Bank. The main goal for today remains the range of 1.1214, the consolidation of which will lead EUR/USD to the maximum area of last week to 1.1260 and will retain the upward potential with the test levels of 1.1282 and 1.1301, where I recommend fixing the profit. In case of further decline of the euro, long positions are best to go after the downward correction from the support of 1.1170, provided that a false breakdown is formed, or to rebound from a larger area of 1.1138.

To open short positions on EURUSD, you need:

Bears kept the pair under the resistance of 1.1214. While trading is below this level, the pressure on the euro will remain, which will lead to a decrease and consolidation under the support level of 1.1170, the breakdown of which will push EUR/USD to the minimum area of 1.138 and 1.112, where I recommend fixing the profit. With the euro rising above the resistance of 1.1214 in the second half of the day, against the background of the absence of important fundamental statistics on the US, it is best to open short positions on the rebound from the maximum of 1.1260, but the intermediate resistance can be the level of 1.1240.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which continues to indicate the lateral nature of the market.

Bollinger Bands

The volatility of the indicator has decreased, which does not give signals on entering the market.

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