To open long positions on EURUSD, you need:
There were no signals to enter the market in the first half of the day, as the fundamental data on inflation in Germany did not surprise the market, completely coinciding with the forecasts of economists. Now all the focus is on the report on the US labor market, however, the data will have a weekly time interval, and may also not have an impact on EUR/USD if it coincides with the forecasts of economists. Meanwhile, the bulls have come close to the resistance of 1.1843, and, as I said earlier this morning, now a lot will depend on this range. If this level is traded and fixed, as it was yesterday in the second half of the day in the area of 1.1773, you can continue to open long positions in the hope of updating the maximum of 1.1906, which remains the goal of buyers at the end of this week. A better scenario for buying the euro will be a downward correction of the pair to the support area of 1.1773, where you can open long positions immediately for a rebound in the expectation of a correction of 30-40 points within the day. In this area, there are also moving averages.
To open short positions on EURUSD, you need:
Inflation in Germany did its job, and the pair returned to the resistance area of 1.1843. Only the formation of a false breakout in this area in the second half of the day will signal the opening of short positions, by analogy, as it was yesterday with the level of 1.1773. I highlighted the false breakout area on the 5-minute chart. If there is no activity and a downward movement from the resistance of 1.1843, it is best to postpone short positions for a rebound from a larger weekly high in the area of 1.1906 in the expectation of a correction of 30-40 points within the day. An equally important task for the bears will be to reduce and consolidate under the support of 1.1773, where the moving averages are currently held, since only such a scenario will return pressure on the euro and lead to a repeated return to the area of the minimum of 1.1714, where I recommend fixing the profits. This option can be expected only after the release of very good statistics on the state of the American labor market.
Signals of indicators:
Moving averages
Trading is conducted above the 30 and 50 daily moving averages, which indicates the continuation of the bull 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
If the pair declines in the second half of the day, the lower border of the indicator around 1.1773 will provide support.
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 9Bollinger Bands (Bollinger Bands). Period 20Non-profit speculative traders, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open position of non-commercial traders.Total non-commercial net position is the difference between short and long positions of non-commercial traders.