EUR/USD: plan for the European session on April 10. A trend for the euro might be formed today

To open long positions on EURUSD you need:

Today is an important day for the euro, since there will be a lot of significant data and the European Central Bank meeting will be held. In the first half of the day, buyers need to form a false breakdown in the support area of 1.1254, which will lead to an update of this week's high in the area of 1.1284. However, only a breakthrough would be able to form a new uptrend, making it possible for levels 1.1324 and 1.1358 to be updated, where I recommend taking profits. In case the euro declines in the first half of the day, it is best to consider new long positions to rebound from a large low in the area of 1.1223 and 1.1183.

To open short positions on EURUSD you need:

The bears will wait for the outcome of the European Central Bank meeting, as well as the speech of President Mario Draghi. In the first half of the day, sellers can show themselves only after the formation of a false breakdown in the resistance area of 1.1284, which will lead to renewed pressure on the euro and a drop in the support area of 1.1254. However, the main task of sellers will be a breakthrough of this level with a test of the low in the region of 1.1223 and 1.1183, where I recommend taking profits. In case the EUR/USD increases above 1.1284 in the first half of the day, it is best to consider short positions on a rebound from a high of 1.1324.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates market uncertainty.

Bollinger bands

Only a break of the upper border of the Bollinger Bands indicator in the area of 1.1284 will lead to a revival of the uptrend.

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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
The material has been provided by InstaForex Company - www.instaforex.com

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