EUR / USD: plan for the US session on December 5. Speech by the President of the ECB led to the strengthening of the euro

Trading 05 déc 2018 Donner votre avis

To open long positions on EUR / USD, you need:

The speech of the President of the ECB led to the strengthening of the euro, and as long as trade is conducted above the level of 1.1336, demand will remain, which will lead to the renewal of a larger area of 1.1374, where I recommend fixing the profits. Only statements by the Fed chairman regarding interest rates can lead to a further upward trend in the euro, reaching a maximum of 1.1408. In the case of a decline in EUR / USD in the second half of the day, you can rely on purchases to rebound from the support of 1.1301.

To open short positions on EUR / USD, you need:

Sellers need to return to the level of 1.1336, which may increase the pressure on the euro. However, the focus will be on the speech of the Fed Chairman. His statements regarding the need for further increases in interest rates may bring down the European currency in the support area of 1.1301 and 1.1272, where I recommend fixing the profits. If Powell repeats its recent statements about a neutral interest rate, the pressure on the US dollar may increase. In this scenario, it is best to open short positions in EUR / USD to rebound from a maximum of 1.1408.

Indicator signals:

Moving Averages

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

Bollinger bands

Bollinger Bands indicator volatility decreased. There are no market entry signals.

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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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