EUR/USD: plan for the US session on April 29 (analysis of transactions). Euro buyers are again making an unsuccessful attempt

Trading 29 avr 2020 Donner votre avis

To open long positions on EURUSD, you need:

In my morning forecast, I paid attention to the probability of a breakout of the level of 1.0855 and an attempt by euro buyers to build an upward trend from it to the area of new weekly highs. As we can see on the 5-minute chart, the bulls managed to break above 1.0855 and even tested this level from top to bottom on the volume, which was a signal to open long positions. However, the growth stalled before it started, and the bulls left the market gradually when the pair declined to the level of 1.0855. At the moment, new support of 1.0840 has been formed, which buyers need to protect. Only the formation of a false breakout on it will be a signal to open new long positions, which will lead to a repeat test of the resistance of 1.0872. However, it will be possible to talk about the resumption of the upward trend only after updating the maximum of 1.0905, where I recommend fixing the profits. The longer-term target will be the resistance of 1.0937. If there is no activity in the support area of 1.0840 in the second half of the day, and the US GDP data will be much worse than the forecasts of economists, I recommend postponing long positions in the euro until the update of the minimum of 1.0812, provided that a false breakout is formed there. It is best to buy EUR/USD for a rebound after testing the local lows of 1.0787 and 1.0755 in the expectation of correction of 30-40 points.

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To open short positions on EURUSD, you need:

Sellers failed to form a false breakout in the resistance area of 1.0855, but they also failed to update yesterday's highs, which keeps the market somewhat equal before the release of important fundamental data on the US, as well as before the Federal Reserve decided on interest rates. In the second half of the day, the bears' task will be to break through and consolidate below the support of 1.0840, which will increase pressure on EUR/USD and open a direct path to the lows of 1.0812 and 1.0787, where I recommend fixing the profits. The worse the US GDP data will be, the stronger will be the demand for the US dollar. If the bulls again try to take control of the market, then you can sell the euro from the level of 1.0872 only after the formation of a false breakout. Otherwise, I recommend looking at short positions only after updating the large local highs of 1.0905 and 1.0937, to rebound down by 30-40 points within the day.

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Signals of indicators:

Moving averages

Trading is conducted in the area of 30 and 50 daily moving averages, which indicates temporary equality in the market.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger Bands

The upper limit of the indicator in the area of 1.0872 has already worked out today and now it is the lower limit in the area of 1.0820, which can also limit the downward movement in the pair.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
The material has been provided by InstaForex Company - www.instaforex.com

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