EUR / USD plan for the European session on March 11. Weak data on US labor market kept the demand for euro
To open long positions on EUR / USD pair, you need:
On Friday, a weak report on the number of people employed in the US non-farm sector led to a decline in the US dollar. Currently, euro buyers need to stay above the support of 1.1225. This will save the demand for EUR/USD pair, which will lead to an update of the maximum of 1.1259, here I recommend taking profits. The main task of the bulls is to test the resistance of 1.1288, which completely breaks the current downward trend formed last Thursday. If the pair goes below the support level of 1.1225, long positions can return to a rebound from the support level of 1.1200, where bulls will try to build the lower limit of the new ascending channel.
To open short positions on EUR / USD pair, you need:
and the formation of a false breakdown will be a direct sales signal in order to return to support 1.1225. The main task of the bears will be a breakthrough and consolidation below this level, which will lead to a larger decrease in EUR/USD pair along the trend to the area of 1.1200 and 1.1175 minimum, where I recommend taking profits. Under the scenario of a larger growth of the euro above 1.1259, you can sell on a rebound from the area of 1.1288.
Found in the video review.
Trade is conducted in the area of 30- and 50-day moving averages, indicating the further formation of an upward correction in the euro which is nearing its end.
Bollinger Bands indicator volatility has greatly decreased, which does not give signals on market entry.
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 20The material has been provided by InstaForex Company - www.instaforex.com